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Shares of ValiRx Plc (LON: VAL) edged 5.9% higher as investors reacted to news that a director bought 44,000 shares of the company yesterday.
The clinical-stage drug development company also recently announced that it had signed a new contract with Physiomics plc, a company that uses mathematical models to anticipate the behaviour of drug candidates using data generated from clinical trials.
Valirx will now use Physionics modelling expertise to treat prostate cancer, including the latest version of its Virtual Tumour™ technology. Physionics will also help Valirx model the use of the VAL201 peptide in treating endometriosis (VAL301) and COVID-19.
Physionics will receive a 6% fee from any future net revenues generated from the commercialisation of the VAL201 peptide. The fee is capped at £6 million.
Valirx shares are trading near a significant support level with significant upside potential given that the shares recently traded above 70p. The stock’s long-term charts reveal that the company once traded at over 6500p in 2006.
The company signed a deal with US-based private biotechnology company Kalos Therapeutics to evaluate its KTT222 peptide as a drug candidate to treat ovarian cancer. The six-month agreement could become lucrative for Vairx if successful.
Valirx’s focus on developing cancer treatments and drugs related to women's health could pay off if one of the company’s drug candidates proves successful in the future.
Valirx share price.
Valirx shares edged 5.96%% higher to trade at 24.9p after rising from Thursday’s closing price of 23.5p.
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