Cancer-focused life science firm ValiRx (LON:VAL) has acquired the outstanding equity of Finnish subsidiary ValiRx Finland.
ValiRx established the business with local partners in 2008, but it has paid a nominal sum to acquire the entire business since it believes it will benefit from the favourable environment for regulated medical and clinical studies in the Nordic region.
ValiFinn has already been awarded a Finnish government grant of up to €55,000, which will be used for ValiRx regulatory and clinical projects and there is potential for continued further support.
The acquisition followed the positive late preclinical study into the development of one of ValiRx’s lead therapeutics, VAL201, which was carried out in collaboration with Oxford University. The study has established a potentially important role for VAL201 in treating hormone-induced refractory prostate cancer and other conditions of hormone-induced uncontrolled cell growth, including breast and ovarian cancer.
ValiFinn is to conduct the management of certain aspects of VAL201 late preclinical work and it will assist on the regulatory work pertaining to the clinical trials as well as managing certain aspects of the clinical work regarding hormone-induced refractory cancer, said ValiRx.
“I am delighted that ValiRx is establishing an international presence in the Nordic region and am very grateful for the support we are receiving from the Finnish government,” said Dr Satu Vainikka, ValiRx’s chief executive officer. “With the progress we are seeing in the development of VAL201 and in view of the favourable environment for drug development across the Nordic region, I look forward to the accelerated development of VAL201 and to the potential markets and conditions that the drug can address.”
Shares in ValiRx were up 2.3 per cent at 0.675 pence each by 8:15am today.