Business
Termination of Letter of Intent with TheoremRx
Termination of Letter of Intent with TheoremRx.
About this update from Valirx Plc
[{"type":"text","content":"\n\n3 April 2025\n \nValiRx PLC\n(\"ValiRx\" or the \"Company\")\n \nTermination of Letter of Intent with TheoremRx Inc\n \nLondon, UK - ValiRx Plc (AIM: VAL), a life science company focusing on early-stage cancer therapeutics and women's health announces that, further to the announcement on 31 December 2024 to grant a final extension of exclusivity to TheoremRx Inc (\"TheoremRx\") under the letter of intent (\"LOI\") until 31 May 2025, the Company has terminated the LOI with TheoremRx with immediate effect by mutual agreement.\nThe termination of the LOI follows notification by TheoremRx of a decision not to proceed with an amendment to the LOI to return the territory of Taiwan and maintain exclusivity in exchange for a non-refundable payment of $200,000 by 31 March 2025.\nVAL201 will be moved to a prostate cancer focussed special purpose vehicle within ValiRx and plans to file IP to extend the patent life. The Company has recieved interest from a new consortium regarding the asset and is in early stage discussions with charities regarding possible support for clinical development.\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 this announcement.\n \nMark Eccleston, CEO of ValiRx commented \"Whilst the decision to terminate the LOI is obviously disappointing, we have contingencies for this eventuality. Moving VAL201 into a prostate cancer focussed SPV will give us the opportunity to file and develop new, ValiRx owned, IP based on in house technical knowhow to reset the patent coverage back to 20 years with proof of concept data for Val201 2.0 and to seek new partnerships from a position of strength. We will apply the same level of technical and comercial assessment applied to all new evaluation programs.\"\n*** ENDS ***\nEngage with the ValiRx management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://valirx.com/s/cc8ef3\nFor more information, please contact:\n \n\n\n\n\nInvestor questions on this announcemen...