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ValiRx PLC on Tuesday said it has extended the exclusivity period for a proposed sub-license agreement with TheoremRx Inc for its VAL201 therapeutic candidate, setting a final deadline of May 31. Shares in ValiRx were up 28% at 0.80 pence each in London on Tuesday morning. The Essex-based life sciences company explained the extension was granted following TheoremRx’s progress in negotiations related to a transaction with a Nasdaq-listed company. ValiRx said this development could enable the execution of the sub-license for VAL201, which is a potential treatment for hormone-resistant prostate cancer. The initial letter of intent with TheoremRx was signed in October, and exclusivity had already been extended to December 31. ValiRx said the proposed agreement remains non-binding and cautioned there is no guarantee it will be finalised or generate material revenues. Chief Executive Officer Mark Eccleston said: ‘This final, time limited, extension has been granted to allow TheoremRx to complete their merger and acquisition transaction with a Nasdaq-listed company, which is required to enable execution of the sub-license of VAL201 to TheoremRx. Further details on the transaction will be made public in due course and we remain supportive of the TheoremRx team and continue to closely monitor their progress.’ Copyright 2024 Alliance News Ltd. All Rights reserved.
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