Business
Acquisition of Finnish Non-Trading Company
Acquisition of Finnish Non-Trading Company.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 5678M ValiRx PLC 18 August 2011 \n\n18 August 2011\nValiRx Plc\n(\"ValiRx\" or the \"Company\")\n \nAcquisition of Finnish Non-Trading Company\n \nEstablishment of ValiRx Finland (ValiFinn) \n \n \nValiRx Plc (AIM: VAL), 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 (\"ValiFinn\") that it had jointly established with local partners in 2008 (the \"Transaction\")\n \nThe consideration was a nominal amount, which represents the initial capital introduced into the ValiFinn.\n \nAs a result of the acquisition ValiFinn has become a wholly owned subsidiary of the Company.\n \nThe Board believes that the Company will benefit from the favourable environment for regulated medical and clinical studies in the Nordic region.\n \nValiFinn 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.\n \nThis 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). \n \nValiFinn 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.\n \nAfter consultation, the Company has been advised that Nordic countries offer a potentially favourable location for its initial hormone regulatory cancer clinical trials.\n \nDr 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 progres...