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Life sciences firm ValiRx (LON:VAL) said its ValiSeek joint venture with Tangent Reprofiling has begun the process of taking its drug candidate for cancer into full-blown clinical trials.
Regulatory planning is underway for VAL401 and the first meeting with the UK watchdog took place in late February.
ValiRx chief executive Satu Vainikka said: “The ValiSeek drug development is moving forward well and we are very pleased to see VAL401’s move into the clinic.”
In the same announcement, ValiRx said pre-clinical analysis had identified early potential for VAL401 to tackle the difficult to treat pancreatic and non-small cell lung cancers in addition to prostate.
Scientists have also completed their pre-clinical toxicology and pharmacokinetic studies.
At the same time prototype manufacturing of the drug candidate has been completed and formal stability studies are underway.
Finally, ValiRx and ValiSeek has been invited to join the UK trade visit to the 2015 BIO International Convention in Philadelphia next month.
The shares marked time at 0.208p, valuing ValiRx at £8.2mln.
Broker Northland Capital told clients: “VAL401 is rapidly moving into the clinic. Moreover, the newly reported pancreatic cancer data presents a further area of high unmet medical need, further enhancing the commercial value of VAL401.”