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Regional Funding
Regional Funding.
About this update from Valirx Plc
[{"type":"text","content":"\n RNS Number : 5596E ValiRx PLC 22 December 2009 \n \nValiRx PLC (AIM: VAL)\n(\"ValiRx\" or the \"Company\")\n\nRegional Funding\n\nCompany secures further development funding to progress key diagnostics development to clinical validation\n\n\nValiRx Plc (AIM: VAL) is pleased to announce that it has secured a grant of €1.05 million from the Walloon Region of Belgium to fund ValiBio, a subsidiary of ValiRx, based in Gosselies, Belgium. \n\nThe grant is to support the development by ValiBio of screening tests for early stage cancer diagnosis derived from ValiBio's NucleosomicsTM technology. These new diagnostic tools for the detection of colorectal cancers are expected to enter clinical validation during 2010. Additionally, the grant is to further the technological development of ValiBio's other cancer screening technologies. This project will be implemented with the support of regional academic and industrial partners for the rapid commercialisation of the first products. The tools that are being developed can be used for other cancers as well and ValiBio has entered into a collaboration with one of the biggest molecular biology organisations in Europe in order to develop the test for lung cancer. ValiBio is also in discussions for collaborations in other cancer fields.\n\nThe project is planned as a two year programme with an initial budget of €1.7 million, 60% of which is being covered by the grant. The programme was started by ValiBio in April 2009. The grant will be made available in several tranches including an initial payment covering allowable costs already incurred by ValiBio since the start of the project. The clinical validation programme which will start in 2010 will initially involve a pilot study of 100 patients followed by a multicentre study in 3 to 4 countries with up to 400 patients.\n\nThe grant is repayable only if a commercially successful product is developed. If so, it will be repaid in annual minimum amounts over 5 years starting in 2012, covering up to 30% of the funding, and the remaining amount by a royalty of 6% on net sales over a maximum of 10 years starting after 2012. The grant will not be repayable if a product is not successfully developed.\n\nNucleosomics is a novel technology with potentia...