On July 9, 2008 ValiRx plc (AIM:VAL, ‘ValiRx’), the cancer therapeutics and diagnostics company, reported it has secured a one year exclusive evaluation license from Cancer Research Technology Limited ("CRT") to a potentially significant new prostate cancer compound that has been shown in preclinical testing to successfully arrest prostate cancer growth in vivo (Press release, Cancer Research Technology, JUL 9, 2008, View Source [SID1234523377]). During the evaluation period ValiRx has an exclusive option to acquire worldwide exclusive rights in the cancer field.
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The Directors believe the compound – to be called VAL 201 – has the potential to add significant value to the Company in the near to mid-term as it has already been shown in preclinical trials to stop the growth of prostate cancer in situations where tumours are unresponsive to other treatments.
Currently, prostate cancer is the most common cancer amongst men with 35,000 men being diagnosed and 10,000 deaths each year in the UK. The estimated value of the global prostate cancer market is approximately USD3 billion.
Under the terms of the agreement with CRT, ValiRx will be responsible for performing the pre-clinical regulatory development of VAL 201 in readiness for entry into human trials. Once the option has been exercised, ValiRx will receive an exclusive licence to the compound and control the commercialisation and the process thereafter.
Satu Vainikka, CEO of ValiRx, commented: "This agreement extends further our relationship with Cancer Research Technology and expands our portfolio of late pre-clinical compunds."
Dr Phil L’Huillier, CRT’s director of business management, said: "We are very pleased to enter into an agreement for ValiRx to take forward into preclinical development this promising compound for the potential treatment of men with hormone resistant prostate cancer."