Business
Joint Venture
Joint Venture.
About this update from Valirx Plc
[{"type":"text","content":"\n \nFor immediate release: 19th July 2007\n\n VALIRX PLC \n\n (\"ValiRx\" or the \"Company\") \n\n Joint Venture \n\nValiRx Plc (AIM: VAL), the cancer therapeutics company, is pleased to announce\nthat it has signed a Memorandum of Understanding (\"MOU\") with BIO.Be (\"BIO\") to\nestablish a joint venture company focused on the development and\ncommercialisation of products in the epigenomics sector, which is projected to\nreach a value of US$4.1 billion by 2012. BIO is a Belgian company of the\nInstitute of Pathology and Genetics (\"IPG\"), which is the pathology centre for\nmore than 20 Belgium hospitals.\n\nPursuant to the terms of the MOU, an oncology diagnostics company, ValiBIO S.A.\n(\"ValiBIO), is being established with its headquarters in Gosselies, Belgium.\nValiRx will invest cash and equity in return for 77% of the equity of ValiBIO.\nValiBIO will also be financed by partly repayable (under certain circumstances)\ngovernment grants and loans The funds will be used by ValiBIO to build a team\nand laboratory facilities to utilise the scientific and material resources at\nIPG and patient materials from European cancer biobanks to develop\nHyperGenomics-based cancer diagnostic products.\n\nValiBIO's objectives will be:\n\n * to implement development programmes including the identification of\n complementary Intellectual Property (\"IP\") around oncology biomarkers,\n diagnostic technologies and specific tests that could be in-licensed to\n optimise the commercial outcome of the technical objectives;\n \n * to establish and operate laboratory facilities with the required expertise\n to integrate internal expertise and technology platforms, methods and tests\n with publicly available information to commercially progress the programme;\n \n * to access and utilise `biobanks' of human patient-derived tissue and\n physiological fluids for product development in accordance with appropriate\n ethical procedures and guidelines; and.\n \n * to participate in regional, national and international (European)\n programmes of significant size and complementary to the internal R&D\n efforts. These activities should have the potential to be sources of\n complementary financing.\n \nThe Board of ValiBIO will be made up of seven individuals, including Dr Satu\nVainikka (CEO of ValiRx) as Chairman, Patrick Rousseau as Chief Executive...