LONDON - ValiRx Plc (AIM: VAL), a life science company specializing in early-stage cancer therapeutics and women's health, has announced the extension of its Letter of Intent (LOI) with TheoremRx Inc. This extension grants TheoremRx exclusive negotiation rights until 31 May 2025, for the potential sub-license of the therapeutic candidate VAL201.
The decision to extend the exclusivity period follows TheoremRx's recent developments, including a transaction with an undisclosed NASDAQ-listed company, which ValiRx's board believes could lead to a favorable outcome for the VAL201 sub-license. However, the LOI and potential License Agreement, initially mentioned on 2 November 2021, are still non-binding. ValiRx has emphasized that there is no certainty that the License Agreement will be finalized, nor that it will yield significant revenue in the anticipated timeframe, if at all.
Mark Eccleston, CEO of ValiRx, expressed optimism regarding the extension, stating that it is intended to provide TheoremRx with the necessary time to complete their merger and acquisition activities with the NASDAQ-listed entity. This step is considered crucial for the execution of the VAL201 sub-license agreement. Eccleston assured that further information regarding the transaction would be disclosed when appropriate and reaffirmed the company's support for TheoremRx as they work towards finalizing the deal.
The therapeutic candidate in question, VAL201, is part of ValiRx's portfolio focused on addressing unmet medical needs in oncology and women's health. The extension of the negotiation exclusivity signifies ongoing discussions and potential progress towards commercialization, but the outcome remains uncertain.
The information in this article is based on a press release statement from ValiRx, and it is the company's responsibility to ensure the accuracy of the announcement. Investors are advised to monitor further communications from ValiRx for updates on the status of the VAL201 sub-license negotiations with TheoremRx.
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