Further re Sale of Belgian Su

RNS Number : 3180A

ValiRx PLC

31 January 2011

 



31 January 2011

ValiRx Plc

("ValiRx" or the "Company")

Further re Sale of Belgian Subsidiary, ValiBIO SA

ValiRx (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to report that the sale (announced 23/09/10) of its Belgian subsidiary diagnostic development business, ValiBIO SA ("ValiBIO"), to Singapore Volition Pte. Limited("Volition"), a Singapore-based cancer diagnostics specialist, is now complete with ValiRx being in receipt of all funds it is due to date under sale agreement with Volition.  In addition, all eligible expenses owed to the Company from the transaction, under the Wallonia regional funding agreement (announced 28 December 2009), have been agreed between the parties

ValiRx continues to retain its significant shareholding in Volition and in the future upside value and growth of the business and integration to date between the companies is progressing well. 

Dr Satu Vainikka, CEO of ValiRx, commented:

"I am delighted that we have been able to exit from one of our investments so satisfactorily, whilst retaining a substantial interest in its future upside.  I look forward to ValiRx and Volition's continued fruitful cooperation.

For more information, please contact:

ValiRx plc	www.ValiRx.com
Dr Satu Vainikka	Tel: [phone]
Cairn Financial Advisers LLP
Nominated Adviser	Tel:[phone]
Liam Murray
Hybridan LLP
Broker	Tel: [phone]
Claire Noyce
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]

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:

·      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. Of particular note is GeneICE, ValiRx's technology for controlling rebellious genes, which was awarded a Eurostars grant to the value of €1.2 million to fund the development of the GeneICE products through preclinical stages in cancer treatments.  ValiRx is leading a consortium of biotechnology companies that are completing pre-clinical studies based on ValiRx's GeneIce technology platform, prior to entering clinical trials.

In parallel, during the course of 2010, the Company has launched a range of home self-diagnostic kits that screen for high prevalence conditions, such as diabetes, urinary infections, high cholesterol, among other serious conditions.  The Company has reported that sales of these products are in line with expectations and continuing to show an upward trend.  Additionally, ValiRx hopes to continue the expansion of its range in subsequent quarters, further generating incremental revenue as a consequence.

 

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