Joint Venture

For immediate release: 19th July 2007

                                  VALIRX PLC                                   

                          ("ValiRx" or the "Company")                          

                                 Joint Venture                                 

ValiRx Plc (AIM: VAL), the cancer therapeutics company, is pleased to announce
that it has signed a Memorandum of Understanding ("MOU") with BIO.Be ("BIO") to
establish a joint venture company focused on the development and
commercialisation of products in the epigenomics sector, which is projected to
reach a value of US$4.1 billion by 2012. BIO is a Belgian company of the
Institute of Pathology and Genetics ("IPG"), which is the pathology centre for
more than 20 Belgium hospitals.

Pursuant to the terms of the MOU, an oncology diagnostics company, ValiBIO S.A.
("ValiBIO), is being established with its headquarters in Gosselies, Belgium.
ValiRx will invest cash and equity in return for 77% of the equity of ValiBIO.
ValiBIO will also be financed by partly repayable (under certain circumstances)
government grants and loans The funds will be used by ValiBIO to build a team
and laboratory facilities to utilise the scientific and material resources at
IPG and patient materials from European cancer biobanks to develop
HyperGenomics-based cancer diagnostic products.

ValiBIO's objectives will be:

  * to implement development programmes including the identification of
    complementary Intellectual Property ("IP") around oncology biomarkers,
    diagnostic technologies and specific tests that could be in-licensed to
    optimise the commercial outcome of the technical objectives;
   
  * to establish and operate laboratory facilities with the required expertise
    to integrate internal expertise and technology platforms, methods and tests
    with publicly available information to commercially progress the programme;
   
  * to access and utilise `biobanks' of human patient-derived tissue and
    physiological fluids for product development in accordance with appropriate
    ethical procedures and guidelines; and.
   
  * to participate in regional, national and international (European)
    programmes of significant size and complementary to the internal R&D
    efforts. These activities should have the potential to be sources of
    complementary financing.
   
The Board of ValiBIO will be made up of seven individuals, including Dr Satu
Vainikka (CEO of ValiRx) as Chairman, Patrick Rousseau as Chief Executive
Officer and Dr Jean-Michel De Brey, the IPG / BIO representative, as Chief
Scientific Officer.

Dr Satu Vainikka, CEO of ValiRx, commented:

"We are delighted to have reached this agreement with BIO. We look forward to
working towards the discovery and development of Biomarkers and diagnostic
tests that could lead to potential applications in the oncology market. Our
objectives are clear and we anticipate our first value building milestone
within 24 months and potential revenue-flow thereafter."

Patrick Rousseau, CEO designate of ValiBIO, added:

"The joint-venture will initially focus on the epigenetic diagnostics market,
worth over US$385m globally by the end of 2007 and the whole cancer market
estimated to be worth US$7.5 billion by 2009. There is currently no product
that meets the cancer diagnostic needs and we intend to develop this through
our new venture."

Dr Bernard Morelle of the IPG / BIO, said:

"We are delighted to partner with ValiRx in this exciting opportunity and look
forward to a productive and successful collaboration."

                                  ---ENDS---                                   

Information on ValiRx

ValiRx is a biopharmaceutical development company that is building a portfolio
of complementary cancer-related therapeutic and diagnostic technologies. It
currently holds stakes in Cronos and Morphogenesis Inc;

  * Cronos holds licenses to two innovative and potentially market changing
    technologies, GeneICE and HyperGenomics;
   
  * Morphogenesis Inc. is developing a portfolio of cell therapy products for
    the treatment of chronic disorders. Its most advanced product, being
    ImmuneFxâ„¢ for which it recently received a patent from the US patent
    office.
   
ValiRx is headquartered in London, England. For further information, please
visit www.valirx.com

Information on IPG

Started in 1958 by Dr Claude Fievez, IPG has grown into a world renowned
institute specialising in media diagnosis relating to anatomophathology,
cyogentics, molecular biology and molecular microbiology.

There are over 180 people that work at IPG, providing almost 250,000
specialised analyses every year.

For further information, please visit www.ipg.be

Contact Details:

     ValiRx Plc          WH Ireland         GTH Communications    
                                                                  
   Satu Vainikka       David Youngman        Toby Hall / Jade     
                                                Mamarbachi        
                                                                  
[phone]   [phone]     [phone]   
                            2174