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ValiRx PLC - Patent Assignment

RNS Number : 2879O
ValiRx PLC
29 May 2020
 

 

 

 

VALIRX PLC

("ValiRx", the "Company" or the "Group")

 

PATENT ASSIGNMENT

 

London, UK, 29 May 2020: ValiRx (AIM:VAL) announces that it has entered into a deed of assignment with Drug Discovery Technologies Limited ("DDTech") ("Assignment Agreement") for the patents, materials and know-how associated with its non-core intellectual property "FitBio" and "TRAC" ("Relevant IP") ("Disposal").

 

The Company announced on 29 April 2020 that it was in talks with a third party in relation to a joint venture of certain non-core intellectual property of the Company - GeneICE, TRAC and BioFit, these talks have now concluded and ValiRx has entered into this Assignment Agreement for the intellectual property associated with FitBio and TRAC to DDTech.

 

The consideration of the Disposal is an immediate payment of £2,000 and a royalty on net sales made by DDTech in relation to the exploitation of the Relevant IP until 29 May 2023, capped at a maximum of £1 million.

 

As an assignment, rather than a Joint Venture, ValiRx is not responsible for future liabilities associated with the Relevant IP which will result in cost savings for the Company.

 

On 29 April 2020 the Company announced that GeneICE was subject of the talks with the third party.  The Company confirms that GeneICE is not subject to this agreement.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

*** ENDS ***

 

For more information, please contact:

 

ValiRx plc

Tel: +44 (0) 20 7073 2628

www.valirx.com

Kevin Alexander


Cairn Financial Advisers LLP (Nominated Adviser)

Liam Murray / Jo Turner / Ludovico Lazzaretti

Tel: +44 (0) 20 7213 0880

Peterhouse Capital Limited (Sole Broker)

Duncan Vasey / Lucy Williams / Eran Zucker

Tel: +44 (0) 20 7469 0930

 

 

Notes for Editors

 

About ValiRx

ValiRx is a biotechnology oncology focused company specialising in developing novel treatments for cancer. 

 

The Company's business model focuses on identifying and in-licensing early stage projects, adding value through scientific development and then out-licensing therapeutic candidates early in the development process. By aiming for early-stage value creation, the Company reduces risk while increasing the potential for realising value.

 

Until recently, cancer treatments relied on non-specific agents, such as chemotherapy.  With the development of target-based agents, primed to attack cancer cells only, less toxic and more effective treatments are now possible.

 

The Company listed on the AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.

 

About Drug Discovery Technologies Limited

Drug Discovery Technologies Limited is a company focused on developing novel therapeutics for infectious diseases.  The company uses its extensive experience across sciences including genomics, proteomics, protein chemistry and drug discovery tools to deliver quicker route towards patient care. 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: ValiRx PLC

Price: 7.25

Market: AIM
Market Cap: £2.61 m
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