ValiRx Plc, a life science company with a focus on cancer diagnostics and therapeutics for personalised medicine, is pleased to announce that it has acquired the outstanding equity of a Finnish non-trading company - ValiRx Finland OY that it had jointly established with local partners in 2008.
The consideration was a nominal amount, which represents the initial capital introduced into the ValiFinn.
As a result of the acquisition ValiFinn has become a wholly owned subsidiary of the Company.
The Board believes that the Company will benefit from the favourable environment for regulated medical and clinical studies in the Nordic region.
ValiFinn has been awarded a Finnish government grant of up to €55,000 which will be used for ValiRx regulatory and clinical projects and there is potential for continued further support.
This acquisition follows the positive late preclinical study into the development of one of ValiRx's lead therapeutics, VAL201, which was carried out in collaboration with Oxford University. The study has firmly established a potentially important role for VAL201 in treating hormone induced refractory prostate cancer and other conditions of hormone induced uncontrolled cell growth including breast and ovarian cancer, among others - conditions which currently have high medical needs (announced 28/07/11).
ValiFinn will conduct the management of certain aspects of VAL201 late preclinical work and will assist on the regulatory work pertaining to the clinical trials and will manage certain aspects of the clinical work regarding hormone induced refractory cancer.
After consultation, the Company has been advised that Nordic countries offer a potentially favourable location for its initial hormone regulatory cancer clinical trials.
Dr Satu Vainikka, CEO, commented: "I am delighted that ValiRx is establishing an international presence in the Nordic region and am very grateful for the support we are receiving from the Finnish government. With the progress we are seeing in the development of VAL201 and in view of the favourable environment for drug development across the Nordic region, I look forward to the accelerated development of VAL201 and to the potential markets and conditions that the drug can address".