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15 Dec 2008 07:00
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ValiRx plc
ValiRxΒ secures global distribution agreementΒ for diagnostic subsidiary ValiBioΒ withΒ US basedΒ BiofieldΒ andΒ securesΒ β¬600,000Β from saleΒ of 10% in subsidiary
15 December 2008.Β London, UK:Β Β ValiRx (AIM:Β VAL, "ValiRx", "the Company")Β subsidiaryΒ cancer diagnostics companyΒ ValiBio SA,Β hasΒ entered into anΒ exclusive worldwideΒ distribution agreement with international medical devices company BiofieldΒ Corp ("Biofield")Β for its HumanΒ PapillomaΒ Virus (HPV)Β diagnostic test forΒ cervical cancerΒ and a worldwide distributionΒ agreementΒ (excluding Belgium) for itsΒ Hypergenomicsβ’Β and Nucleosomicsβ’Β diagnostics products.Β
Under the terms of the agreement, ValiRx has also sold a 10% stake in its wholly-owned diagnostics subsidiary, ValiBIO, for β¬600,000 in cash to Biofield with an option for Biofield to purchase an additional 15% of the Belgium-based operation.
There are over 100 different HPV virusesΒ with certain subtypesΒ carrying aΒ high risk ofΒ causing cervical cancer.Β The global market for HPV testing is projected to beΒ $250m in 2008, with the total available market valued atΒ $1bnΒ shouldΒ HPV screeningΒ replaceΒ currentΒ conventionalΒ cervical cancerΒ testing methods.Β
Information concerning Biofield can be found onΒ itsΒ website - www.biofield.com
Dr Satu Vainikka ValiRx'sΒ Chief ExecutiveΒ Officer said:
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"This distribution agreementΒ providesΒ ValiBio SAΒ withΒ theΒ route toΒ the international oncology diagnosticsΒ marketΒ withΒ a majorΒ provider ofΒ medical and healthΒ diagnostics. We are confident there is considerable market potential for these types of novel diagnostic products and expect this agreement to accelerate our revenue potential.
"Secondly, thisΒ commercial agreement also secures additional funding for our business at this important time which will be applied to the continuedΒ development of ourΒ next generation cancer diagnostics as well as to the progression of ourΒ cancerΒ therapeutics."
- Ends -
Enquiries:Β
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ValiRx plc |
Tel:Β +44 (0) 20 3008 4416 |
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Dr. Satu Vainikka |
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WH Ireland Limited - NOMAD |
Tel: +44 (0)Β 161 832 2174 |
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DavidΒ Youngman / Adrian Kirk |
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College HillΒ |
Tel:Β +44 (0)Β 20 7457 2020 |
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Sue CharlesΒ /Β Adrian DuffieldΒ /Justine Lamond |
valirx@collegehill.comΒ |
Notes to EditorsΒ
About ValiRxΒ -Β www.valirx.comΒ
ValiRx plc (AIM:VAL, 'ValiRx') is a cancer therapeutics and diagnostics company headquartered in London, England and admitted toΒ AIMΒ in October 2006. The Company operates through two subsidiaries, ValiPharma (formerly trading as Cronos Therapeutics)Β (www.valipharma.com), a UK-based epigenetic drug discovery and development business and ValiBio SA (www.valibio.com), a Belgium-based oncology diagnostics operation.
Therapeutics -- ValiPharma
ValiRxΒ utilises a cells own inherent gene control machinery to silence genes involved in cancer cell progression, effectively "switching off" genes involved in certain forms of cancerΒ through its platform technology GeneICEβ’Β (Gene Inactivation by Chromatin Engineering),. GeneICEβ’Β works through the recruitment of silencing complexes known as Histone Deacetylase Complexes (HDACs) to target genes involved in cancer.Β ValiRx's lead productΒ VALΒ 101 targets the anti-apoptotic geneΒ BCL-2 which is over expressed in many cancers including in pancreatic cancer. The Company has also recently expanded its pre-clinical portfolio to includeΒ VALΒ 201 in prostate cancer.
Gene silencing technology platform potentially represents an innovative and ground breaking new approach to cancer treatment as it allows for the development of targeted, personalised medicine and treatment for patients. GeneICEβ’Β is also applicable to a wide variety of other genetic disorders such as in the fields ofΒ neurology and inflammatory diseases.
Diagnostics - ValiBIO
ValiRx currently has two epigenetic diagnosis products - HyperGenomicsβ’, aΒ method for the detection and identification of hypersensitive sites in cells andΒ Nucleosomicsβ’, a non-invasive (blood) test for early cancer diagnosis based on epigenetic signal changes associated with malignancyΒ - which it licences to its subsidiary, ValiBIO.
Nucleosomics diagnostic products
NucleosomicsΒ is a platform for non-invasive (blood) tests for early cancer diagnosis based onΒ epigenetic signal changes associated with malignancy.Β
ELISA tests for global histone modifications expressed in cell free nucleosomes in blood that are characteristic of cancers are currently under development. The company expects to launch early Nucleosomics products for research use in 2009. Diagnostic products regulated by EMEA and the FDA will follow. Early disease focus is in lung, pancreatic and colon cancer.
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HyperGenomics diagnostic products
HyperGenomics is a platform for differential diagnostic and prognostic tests in cancer as well as testing for personalised medicine.Β
ValiBIO is developing differential diagnostic products for cancer. The company's early disease focus is in leukaemia, prostate and colon cancer.
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