For immediate release: 11th December 2007
VALIRX PLC
("ValiRx" or the "Company")
ValiBIO Update
Following the announcment on 19 July 2007, ValiRx Plc (AIM: VAL), the cancer
therapeutics company, is pleased to announce that the founders' shareholder
agreement ("the Agreement") for ValiBIO S.A ("ValiBIO"), the research and
commercialisation company focused on the epigenomics sector, has been signed
between the Company and BIO.be ("BIO"), the commercial outlet of the Institute
of Pathology and Genetics ("IPG"), a leading pathology centre in Belgium.
Through the Agreement, ValiBIO will benefit from an initial cash investment
commitment from BIO; the appointment of key BIO personnel including IPG/BIO's
highly regarded Dr Jean-Michel Debry as Chief Scientific Officer; and use of
state-of-the-art laboratory and equipment, ValiBIO's offices being located
within IPG.
Under the Agreement, ValiRx retains a 77% holding in ValiBIO.
Dr Satu Vainikka, CEO of ValiRx, commented:
"We are delighted to have signed this Agreement as it allows the further
development and commercialisation activity of two key technologies that ValiRx
holds licenses on - HyperGenomicsTM and NucleosomicsTM - to take place in an
environment of acknowledged excellence. We are also encouraged by the
additional regional grant support that is potentially available to R&D
companies in the Walloon Region"
Patrick J. Rousseau, CEO of ValiBIO, added:
"This joint-venture will dramatically benefit from IPG/BIO end user's expertise
and for diagnostics tools development and validation. Additionally, the setting
of our R&D laboratory within the IPG facility in Gosselies will significantly
contribute reaching high quality standards."
Mr Bernard Morelle head of the IPG / BIO group, said:
"We are delighted progressing in the extension of our partnership with ValiRx
in this exciting opportunity and look forward to implementing our collaboration
through R&D projects and commercial development."
---ENDS---
About ValiRx plc
ValiRx is a biopharmaceutical development company that is building a portfolio
of complementary cancer-related therapeutic and diagnostic technologies. It
currently holds a worldwide exclusive license for Nucleosomics, the early stage
oncology diagnostics technology, and has majority stakes in Cronos Ltd and
ValiBIO SA:
* Cronos holds worldwide exclusive licenses to two innovative and potentially
market changing technologies, GeneICE and HyperGenomicsTM, and is
developing further novel cancer therapies;
* ValiBIO SA is a Belgium joint venture between ValiRx and BIO.be focusing on
the development and commercialisation of products in the epigenomics
sector, the first products to be put into development being HyperGenomics
and Nucleosomics. ValiRx has a 77% majority holding in the company.
ValiRx is headquartered in London, England. Further information can be found at
www.valirx.com
Information on IPG
Started in 1958 by Dr Claude Fievez, IPG has grown into a renowned institute
specialising in media diagnosis relating to pathology, cytogenetics, molecular
biology and molecular microbiology. BIO.be is a limited member of the IPG
group.
There are over 200 people that work at IPG, providing almost 300,000
specialised analyses every year.
For further information, please visit www.ipg.be
Contact Details:
ValiRx Plc GTH Communications
Satu Vainikka Toby Hall / Jade
Mamarbachi
+44 (0) 203 008 4416 +44 (0) 20 7153 8035