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11 Oct 2012 07:00
11 October 2011
VALIRX PLC
("ValiRx" or the "Company")
VALIRX TO FOCUS ON CORE THERAPEUTIC CANDIDATE THAT IS IN
CLINICAL DEVELOPMENT
AGREEMENT TO OUTSOURCE THE UK SALE AND DISTRIBUTION OF VALIMEDIX'S SELF-TEST PRODUCTS
ValiRx Plc (AIM: VAL), a life science company in clinical development with cancer diagnostics and therapeutics for personalised medicine, announces that its sales and distribution divisional subsidiary, ValiMedix, has entered into a UK distribution agreement with First Health Products Limited for the distribution and sale of ValiRx's SELFCheck health screening products in the UK (the "Agreement").
As a result of the Agreement, management time and the resources of ValiRx can be targeted on maximising the value creation of its higher value core therapeutic and diagnostic activities - the Company is in the clinical development phase with VAL201, its first clinical phase therapeutic candidate. After successful pre-clinical results, VAL201 is on the threshold of first in human trials, with other compounds anticipated to follow.
The Agreement which is initially for the period of five years means that the Company will no longer incur any of the direct expenses or management time associated with the sales and marketing campaigns of SELFCheck products in the UK. ValiRx will continue to benefit from an income stream from the royalty payments made to the Company from UK sales.
The Company will continue to manage the international sales and distribution of ValiRx's SELFCheck health screening products.
Dr Satu Vainikka, CEO, commented:"We believe that our own efforts should be on our core clinical activities in therapeutics and their associated diagnostics and on Biomarkers, both of which will create the best value for our shareholders. As a result of this rationalisation, we will focus on ValiRx's value creation with the clinical development of VAL201, the pre-clinical and translational development of VAL101 and the developing pipeline of therapeutic and associated diagnostics. This agreement is an important development in the roll-out of our CE marked and regulated SELFCheck range of products."
- ENDS -
For more information, please contact:
ValiRx plc | Tel: +44 (0) 20 3008 4416 |
Dr Satu Vainikka | www.ValiRx.com |
Cairn Financial Advisers LLP (Nominated Adviser) | Tel:+44 (0) 20 7148 7900 |
Liam Murray / Avi Robinson | |
Hybridan LLP (Broker) | Tel: +44 (0) 20 7947 4350 |
Claire Noyce / Deepak Reddy | |
Peckwater PR | Tel: +44 (0)7879 458 364 |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk |
Notes for Editors
ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
The Company listed on AIM in October 2006 and is creating a portfolio of innovative products through investment in specific development projects. It actively manages projects within this portfolio as a trading company and is not an investment vehicle. The ValiRx business model spreads the risks of life science technology developments by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.
The Company operates through the following divisional companies:
ValiFinn is the biomarkers and diagnostic development division
ValiMedix is the sales and distribution division of ValiRx
ValiPharma is the therapeutics division with two embedded technologies primarily directed at the treatment of cancers.
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