Business
Agreement to License VAL401 to Ambrose Healthcare
Agreement to License VAL401 to Ambrose Healthcare.
About this update from Valirx Plc
[{"type":"text","content":"\n\nValiRx PLC\n(\"ValiRx\" or the \"Company\")\nAgreement to License VAL401 to Ambrose Healthcare\nLondon, UK - ValiRx Plc (AIM: VAL), a life science company focusing on cancer therapeutics and women's health, announces that ValiSeek Limited (\"ValiSeek\"), has entered into an exclusive Option Agreement to license VAL401 with Ambrose Healthcare Limited (\"Ambrose Healthcare\"), a private UK specialist pharmaceutical company.\nAmbrose Healthcare is seeking to develop new treatments for rare diseases and patients managed in hospitals and specialist care. The company, incorporated in 2022, has an internationally experienced leadership team with deep knowledge of the pharmaceutical industry.\nUnder the Option Agreement, Ambrose Healthcare has a 12-month period of exclusivity under which it may exercise the option to execute a global, exclusive license of Valiseek's VAL401 asset under pre-agreed terms.\nValiSeek has received an undisclosed, small fee, settled through the issue of shares in Ambrose Healthcare. Subject to the exercise of the Option by Ambrose Healthcare, the agreement details clinical and commercial milestone payments to be made to ValiSeek totalling a value of up to £16 million plus royalties.\nUnder the licensing terms, Ambrose Healthcare commits to completing development and commercialisation of VAL401 at Ambrose's cost.\nDr Suzy Dilly, CEO of ValiRx commented: \"I'm delighted to have agreed this path to development of VAL401 with Ambrose Healthcare. I'm looking forward to seeing the project develop under Ambrose Healthcare's experienced oversight, combining clinical development and commercial experience.\"\nToby Wilson Waterworth, CEO of Ambrose Healthcare says, \"We are excited to build on ValiRx's initial clinical development to bring a much-needed new treatment option to late-stage cancer patients. VAL401 has a strong safety and clinical profile, and a novel delivery formulation. It is a good fit for the rare disease product portfolio that Ambrose is developing.\"\n \nThe 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...