Business
Acquisition of Intellectual Property& JV Agreement
Acquisition of Intellectual Property& JV Agreement.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 8181X ValiRx PLC 02 May 2019 \n\n \n \nVALIRX PLC\n(\"ValiRx\" or the \"Company\")\n \nACQUISITION OF INTELLECTUAL PROPERTY & JOINT VENTURE AGREEMENT\n \nValiRx acquires IP assets of FIT Biotech OY & signs LOI agreement with investor, Alpha Blue Ocean to establish a genetic therapeutic and diagnostic-based Joint Venture\n \nLondon, UK., 02 May 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company, announces:-\n \n- the acquisition of the global granted patents and Intellectual Property assets (\"IP assets\") of FIT Biotech OY (\"FIT Bio\") for a nominal sum; and\n- a Letter of Intent (\"LOI\") agreement with Alpha Blue Ocean (\"ABO\") to establish a genetic therapeutic and diagnostic-based joint venture (\"JV\") founded on the acquired technology. ABO is a management company closely affiliated with European High Growth Opportunities SF (\"EHGO\"). EHGO is an entity with which the Company entered into a subscription agreement which was announced on 26 April 2019.\n \nIP assets of FIT Biotech OY\nValiRx has entered into a purchase agreement to acquire from the appointed administrator of the bankruptcy estate of FIT Bio, the IP assets of FIT Bio for a consideration of €5,000.\n \nFIT Bio, a biotech company, headquartered in Tampere, Finland which was established in 1995 and was publicly listed on the First North Finland marketplace maintained by Nasdaq Helsinki Oy. FIT Bio was a company involved in the development of gene delivery technology for a number of indications positioning its technology as an alternative to biologics, such as vaccines, antibodies and protein-based drugs. FIT Bio's principle technology - its Gene Transport Unit platform - had seen an initial product enter into clinical trials.\n \nABO had previously provided finance to FIT Bio - having entered into a financing agreement with FIT Bio in December 2017. Following the termination of this financing agreement FIT Bio was placed into bankruptcy proceedings. ValiRx has acquired the IP assets from the appointed administrator of FIT Bio.\n \nJoint Venture Agreement\nIn conjunction with the acquisition of FIT Bio's Intellectual Property assets, ValiRx has signed a L...