Business
Asset Purchase – Imagen Therapeutics
Asset Purchase – Imagen Therapeutics.
About this update from Valirx Plc
[{"type":"text","content":"\n\nValiRx PLC (\"ValiRx\" or the \"Company\")\nAsset Purchase - Imagen Therapeutics\nLondon, UK - ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women's health, is pleased to announce it has acquired the scientific assets of Imagen Therapeutics Limited (\"Imagen\") from its appointed liquidators.\nImagen was a pharma services company offering a patient-derived screening platform suitable for large global clients. Total consideration paid for the Imagen assets was a single cash payment of £170,000, paid to the liquidators on signature of the purchase agreement from the Company's existing resources. This represents a significant discount to the original commercial value of the assets acquired, which comprises:\n· an extensive biobank of patient derived cells;\n· a comprehensive range of laboratory equipment required for analysis and application of the cells, including several high value items already in the financial plan for Inaphaea BioLabs Limited (\"Inaphaea\");\n· all Intellectual Property, including a granted patent covering the use of specific methods of growing and testing patient derived cell lines;\n· trademarks, trade names and logos associated with Imagen; and\n· data from Imagen's in-house screening programme which studied the activity of non-oncology drugs against cancer cells.\nUK-based Imagen's primary business was aimed at personalising treatment for cancer through the collection and use of well-characterised, patient-derived cancer cells. Samples, collected from patients over a number of years across a wide variety of cancers, enabled Imagen to create a unique 'biobank' of human derived cells and provide services to the pharmaceutical industry for pre-clinical screening of drug candidates. By directly collecting and processing a large number of samples, Imagen was able to build up a collection of cancer cells to attract global clients for its pre-clinical screening business. \nIt is expected that the biobank and relevant equipment will be transferred and integrated into Inaphaea in MediCity, Nottingham over the next few months.\nThe Directors believe that the acquisition and rapid assimilation of the Imagen assets will transform the service offering of Inaphaea...