Directorate Changes and new Advisory Board
ValiRx PLC
("ValiRx" or the "Company")
Directorate Changes and Formation of new Advisory Board
London, UK - ValiRx Plc (AIM: VAL), a life sciences company focusing on early-stage cancer therapeutics and women's health, announces the resignation of Adrian de Courcey from its Board of Directors and that Cathy Tralau-Stewart has agreed with the Board to transition to a role as Non-Executive Director of the Company. The Company also announces the formation of its new Advisory Board which will replace its current Scientific Advisory Board.
Directorate Changes
Cathy Tralau-Stewart, Chief Scientific Officer and Director of the Company, has agreed with the Board to transition to a role as Non-Executive Director of the Company with immediate effect. Cathy will be appointed as Chair of the new Advisory Board set up to deliver Scientific, Commercial and Strategic Advice to the Company. Adrian de Courcey has informed the Board that he has resigned as Non-Executive Director of the Company with immediate effect, to focus on other opportunities.
During her tenure as our fractional CSO, Cathy has been instrumental in developing ValiRx's pipeline strategy, identifying, reviewing and advising on a series of Evaluation and In-licensing options. Cathy brings a wealth of experience in drug development as well as industry contacts and recognition which ValiRx wishes to retain.
During Adrian's tenure as a ValiRx Non-Executive Director, he has helped the Company navigate a major strategic and organisational overhaul with the new management team to achieve significant operational efficiencies and reduce cash burn.
These changes at the Board level form part of implementing a significant restructure and reduction in headcount across the Company As part of the restructure, the Company has hired a new, full time, Director of Research (non-board role), Michelle Barnard, who brings over 10 years' experience as a Senior Scientist specialising in Oncology Biology at Cancer Research Horizons and in Drug Discovery at the University of Graz prior. The Inaphaea team will also be supported by a specialist technician. These changes are expected to reduce annual costs by approximately £200,000.
New Advisory Board
ValiRx has also assembled a range of experts to establish its new Advisory Board ("AB"). The initial members of the AB, in addition to Cathy Tralau-Stewart as chair, will comprise:
· Dr Heather Wilson Robles, a clinical oncologist and former President of the Veterinary Cancer Society, specialising in veterinary medicine is based at United Veterinary Care and Ethos Discovery based in Washington DC US.
· Dr Simon Wheeler, a former member of Novartis Ventures tasked with finding Veterinary medicine investments and now an Independent Animal Health and Veterinary Consultant.
The AB brings a combination of scientific and commercial expertise as well as contacts within the industry. The AB also brings a balance of human and veterinary medicine expertise as we explore opportunities to leverage our preclinical data for earlier access to the veterinary market in addition to our primary focus on the human market.
Martin Gouldstone, Chairman of ValiRx commented "I would very much like to extend my sincere appreciation to Cathy for her contributions whilst serving as CSO and Executive Director for ValiRx. I am delighted that Cathy will continue to work with ValiRx as a Non-Executive Director as well as supporting the scientific and commercial direction of the Company by chairing our new AB.
"Equally I would like to thank Adrian for his contribution, helping the Board implement significant strategic and operational changes following a difficult transitional period during the time that both Mark Eccleston and I have been in our respective roles.
"The operational efficiencies and cost reductions that ValiRx has now made will allow us to concentrate on the Company's longer term commercial and strategic objectives."
Mark Eccleston, CEO of ValiRx commented "I too would like to thank Adrian for his invaluable guidance during the first half year of my tenure. The main objectives when I took over as CEO were to bring more commercial and clinical development experience, enhance operational efficiency and deliver substantial cost savings whilst the Company builds its therapeutic pipeline.
"I am also very happy that Cathy is going to continue her involvement with ValiRx by chairing our newly formed Advisory Board as well as acting as Non-Executive Director to the Company. To be able to continue to access her advice alongside her role as Executive Director of the Milner Institute in Cambridge is invaluable to ValiRx."
"In addition to measures to reduce costs across the Company from our external service providers, I have made some difficult choices to improve operational efficiency and reduce cash burn which inevitably meant fewer available positions within the Company. I would like to thank everyone affected for their input to the Company over their time. The changes announced here deliver an annual cost reduction of approximately £200,000."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The Directors of the Company take responsibility for this announcement.
*** ENDS ***
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ValiRx plc
Dr Mark Eccleston, CEO
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Tel: +44 115 784 0025 Mark.Eccleston@valirx.com
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Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Ludovico Lazzaretti
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Tel: +44 (0) 20 7213 0880 |
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Shard Capital Partners LLP (Sole Broker)
Damon Heath
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V Formation (Public Relations)
Lucy Wharton - Senior PR Executive Sue Carr - Director
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Notes for Editors
About ValiRx
ValiRx is a life science company focused on early-stage cancer therapeutics and women's health, accelerating the translation of innovative science into impactful medicines to improve patient lives.
ValiRx provides the scientific, financial, and commercial framework for enabling rapid translation of innovative science into clinical development.
Using its extensive and proven experience in research and drug development, the team at ValiRx selects and incubates promising novel drug candidates and guides them through an optimised process of development, from pre-clinical studies to clinic and investor-ready assets.
ValiRx connects diverse disciplines across scientific, technical, and commercial domains, with the aim of achieving a more streamlined, less costly, drug development process. The team works closely with carefully selected collaborators and leverages the combined expertise required for science to advance.
Lead candidates from ValiRx's portfolio are outlicensed or partnered with investors through ValiRx subsidiary companies for further clinical development and commercialisation.
ValiRx listed on the AIM Market of the London Stock Exchange in October 2006 and trades under the ticker symbol: VAL.
For further information, visit: www.valirx.com
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