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ValiRx in risk-sharing JV with Tangent Reprofiling Ltd

By BFN News | 07:42 AM | Tuesday 08 April, 2014

ValiRx Plc, the life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, has established ValiSeek Limited, a risk-sharing JV company with Tangent Reprofiling Limited. ValiSeek has acquired a worldwide exclusive licence from Tangent to progress the drug VAL401 through its remaining preclinical development and towards Phase II trials for the treatment of lung cancer and other oncology indications. Tangent is a member of the SEEK Group, a private biopharmaceutical company, focused on bringing safe, effective and low cost medicines to patients in the shortest time possible to radically improve human health in major disease areas. Pursuant to the JV agreement between ValiRx and Tangent and the patent licence agreement between Tangent and ValiSeek, ValiRx has acquired a 60% shareholding in ValiSeek for an initial consideration payable to Tangent of £110,000. This comprised £50,000 cash and £60,000 to be satisfied by the issue of 20.3m new shares at a price of 0.295p each, being the closing mid-market price of ValiRx's ordinary shares on 7 April 2014. Deferred consideration, based on reaching pre-determined development milestones, may also be payable in due course. Story provided by

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