Business
Sale of TRAC Technology Rights for EUR 0.8 million
Sale of TRAC Technology Rights for EUR 0.8 million.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 4817D ValiRx PLC 07 July 2016 \n\n \n \nValiRx Plc\n(\"ValiRx\" or \"the Company\" or \"the Group\")\n \n \"Sale of use of rights for TRAC Technology for €0.8 million\"\n\"ValiRx to retain royalty-free rights to the technologies for the company's therapeutic developments\"\n \nLondon, UK, 7 July 2016: ValiRx Plc (AIM: VAL), a life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering, announces the sale of use of rights for its Finnish-based TRAC Technology for €800,000.\n \nValiRx has sold its subsidiary, ValiRx (Finland) Oy (\"ValiFinn\"), the company holding the TRAC technology, to Sovicell Science for Life GmbH, for a cash consideration of €800,000 (\"the Consideration\"), according to a payment schedule, whilst retaining a license to use TRAC Technology in its therapeutic development. \n \nIn February 2015, ValiRx announced that it had acquired TRAC (\"Transcript Analysis with the Aid of Affinity Capture\") for a consideration of €75,000. ValiRx saw TRAC Technology as both a potentially powerful tool in the diagnosis of different cancers and as a technology that could support development of ValiRx's personalised medicine targets. VTT (the Finnish State Research Centre) developed TRAC's method before its completion and launch by VTT in 2011.\n \nValiRx will continue to have Finnish representation via its other Finnish subsidiary, ValiRx Oy.\n \nDr Satu Vainikka, CEO of ValiRx Plc, commented: \"This transaction represents an exciting commercialisation of a part of our portfolio and this deal will free up resource and management time.\n \n\"I am delighted by TRAC's sale and our ability to grow and deliver substantial value, particularly in such a short timeframe. We are keeping those rights to the assets of the technology that we had originally always wanted, while outsourcing development to our ally and commercial partner\".\n \n*** ENDS ***\n \nFor more information, please contact:\n \n\n\n\n\nValiRx plc\n\n\nTel: +44 (0) 20 3008 4416\nwww.valirx.com\n\n\n\n\nDr Satu Vainikka, Chief Executive\n\n\nTel: +44 (0) 20 3008 4416\n\n\n\n\nTarquin Edwards, Head of Communications.\n\n\nTel: ...