The ValiRx Plc (LON: VAL) share price plunged 16.3% after announcing the conclusion of its evaluation agreement with Hokkaido University, as announced on 16 December 2021 and extended on 6 December 2022.
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The life science company focusing on early-stage cancer therapeutics and women’s health noted that it had committed to conducting a series of experiments following initial confirmation of the synthetic route and analysis.
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The company revealed that it had overcome initial challenges in synthesising and purifying the peptide before commencing product testing. However, the firm has found that the product’s profile was unsuitable for further development at this stage and has ended the evaluation.
According to the agreement between VlaiRx and Hokkaido University, the data generated during the evaluation period will be provided to the originating academics at Hokkaido University to allow them to optimise the molecular profile. Valirx has no further commitment to the project.
Investors were disappointed to see the company abandon the evaluation project that had been running for one and a half years. Still, it was prudent for Valirx to abandon the project than license a product that they cannot develop further and finally commercialise.
Dr Suzy Dilly, ValiRx’s CEO, commented: “Although it’s disappointing not to be able to progress this project further, this highlights the importance of our process of evaluating academic projects prior to full in-licensing. In addition to returning the data to Hokkaido, we have made recommendations for further work, and we will be following the scientific progress of project with interest.”
*This is not investment advice.
ValiRx share price.
The ValiRx share price plunged 16.32% to trade at 7.74p, from Thursday’s closing price of 9.25p.
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