Update - Eurostars Programme
2 December 2010
ValiRx Plc
("ValiRx" or the "Company")
UPDATE - EUROSTARS PROGRAMME
VALIRX ANNOUNCES AN 18 MONTH PROGRESS REPORT ON ITS €1.2m EUROSTAR PROGRAMME AND ALL DEVELOPMENTAL MILESTONES CONTINUE TO BE MET
ValiRx Plc (AIM: VAL), a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, reports on eighteen months of progress and the continued successful attainment of a number of milestones in its awarded €1.2m Eurostars programme, to develop its GeneICE technology ("GeneICE" or "Gene inactivation by chromatin engineering"), in which "rebellious genes", which cause problems such as cancer and potentially some neurological problems, are shut down or "put on ice". This progress report, which is necessary for obtaining the next tranche of ValiRx's awarded Eurostars Grant, has now been submitted.
Recent Progress
As announced on 10 November 2010, data base construction and the design of the second generation GeneICE molecules have been completed and various components of the second generation constructs have been produced and successfully tested.
Recent further testing in model systems developed by ValiRx's Danish partner, PentaBase, has confirmed that GeneICE molecules effectively bind to their proposed genetic targets. Various models have been successfully developed in advance of the final pre-clinical testing phase.
The Company is also pleased to report that production of the active peptide components was completed ahead of schedule for further vitro testing and ValiRx considers this phase as being essential to the successful, cost effective production of the molecules. Further optimisation of production is currently underway.
In terms of timing, this phase of the programme continues to be in line with predicted deliverables given the staggered programme start. Some extra time was built in to the time line to allow for the optimisation of specific phases and no significant delays to the overall programme are envisaged.
As far as the exploitation of the GeneICE programme is concerned, completion of the in-vitro efficacy testing will provide a data package for ValiRx and its partners to begin exploring commercialisation opportunities for GeneICE as a suite of gene down-regulation molecules. Among other opportunities, it is hoped the data package will address a specific data wish list provided to ValiRx by a leading global provider to the life science community and that it will provide discovery and development tools for biopharmaceutical companies.
Dr Satu Vainikka, CEO commented:
"I continue to be very pleased with ValiRx's gene silencing and epigenomics activities and with the exciting progress of GeneICE towards first human trials and the extension of our investigations into new indications with considerable markets. Significant work has now been completed and we are seeing good results emerging in the areas of GeneICE's utility and delivery. Furthermore, the intellectual property covering these activities continues to develop, thereby providing the Company with the increasing potential for significant value creation."
For more information, please contact:
Enquiries:
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ValiRx plc |
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Dr. Satu Vainikka |
Tel: +44 (0) 20 3008 4416 |
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Cairn Financial Advisers LLP - Nominated Adviser |
www.cairnfin.com |
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Tony Rawlinson / Liam Murray |
Tel: +44 (0) 207 148 7900 |
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Hybridan LLP - Broker |
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Claire Noyce |
Tel: +44 (0) 207 947 4350 |
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Peckwater PR |
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Tarquin Edwards |
Tel: +44 (0)7879 458 364 |
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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
· ValiBio is the diagnostic research and development 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
Background to GeneICE & Eurostars
In June 2009, ValiRx, as the leading partner of an international consortium of three companies, was awarded a two year grant by Eurostar against substantial competition from across Europe, to develop its GeneICE technology ("GeneICE" or "Gene inactivation by chromatin engineering"), in which "rebellious genes", which cause problems such as cancer and potentially some neurological problems, are shut down or "put on ice".
The Eurostars programme is a EU grant scheme and EUrEKa Network initiative, created with the purpose of providing funding for market-oriented research and development activities by Small and Medium-sized Enterprises within the EU.
ValiRx successfully led the funding application with GenoSyst (Finland) and PentaBase (Denmark) under the 2nd call to the Eurostars joint Programme, for design optimisation, lead selection and pre-clinical testing of GeneICE. The application was rated second in the UK and Finland and first in Denmark, coming in 4th overall out of over 500 applicants within the EU wide scheme.
The technology is under license from Imperial College, University of London and it has been shown to be effective against several cancer cell lines, including prostate cancer, ovarian cancer, pancreatic cancer and lung cancer. ValiRx retains all commercial rights for GeneICE from the programme.
The GeneICE development plan has four principal goals:
1. Identification of specific genomic DNA sequences associated with proven cancer targets.
2. Design and optimisation of the anti-gene system to silence the aberrant genes
3. Evaluation of desired and potential off-target effects
4. Pre-clinical development of an optimised lead therapeutic against a selected target
This information is provided by RNS
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