ValiRx Regulatory News (VAL)

14 Sep 2009 07:00



ValiRx plc

(the "Company")

New distribution venture

and

Trading platform launch

The Company is pleased to announce the creation of a new wholly owned trading subsidiary to be known as ValiMedix Limited ("ValiMedix").

ValiMedix is to be the trading company responsible for the distribution of the Company's range of new diagnostic screening products which were acquired by ValiMedix from Pasante Healthcare Limited.

The new diagnostic screening products principally comprise the Self Check screening products which allow an individual to check for potential health problems at an early stage. The range includes products to check for a number of medical conditions including prostate disorders, bowel conditions and elevated cholesterol. 

The products are already distributed to clients in the UK, and trade predominantly through an online sales and trading platform. 

The Company anticipates that this new venture will provide the Company with additional revenue generating opportunities domestically as well as providing a potential future distribution channel for the group's product range. 

ValiMedix has appointed Patrick Kirby, with over fifteen years experience in running diagnostics marketing and distribution, as its Managing Director. ValiMedix is based in Kent and it is intended that the initial strategy of the Company will be directed towards extending the current supply chain into the retail pharmacy sector as well as launching "direct to consumer" e-commerce activities with sales to selected export markets. 

Commenting on the new venture, Satu Vainikka, Chief Executive Officer said, "We are pleased to have formed ValiMedix Limited, which we believe will provide the Company with a good distribution channel to sell the Group's range of diagnostic test products. These products will help in identifying markers of certain cancers as well as other conditions at an earlier stage."

Lawrence Boon the CEO of Pasante Healthcare commented; "the agreement with Valimedix will ensure the future development of the Self Check brand and the strong position it enjoys in the UK market."

Patrick Kirby, MD of ValiMedix said: "The opportunity to acquire the Self Check product range will provide the ValiRx group with a solid platform from which to build sales revenues whilst establishing a market presence and sales conduit in the diagnostics sector in the UK as well as key international markets." 

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