Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of life science company ValiRx (LON: VAL) are gaining on Thursday after it announced an evaluation agreement with a London university to investigate a novel technology designed to treat breast cancer.
The deal will see ValirRx undertake a series of preclinical tests on the drug candidate over the next nine months to validate the technology and decide the suitability for commercialisation. ValiRX will pay the cost of £75,000 for the preclinical evaluation and investigate the molecule's action against Triple-Negative Breast Cancer and other indications.
Once the evaluation period is complete, the company has an option to license the technology on pre-agreed terms.
Dr Suzy Dilly, CEO of ValiRx commented: “I'm delighted to have secured our next evaluation programme, which, if successful, will achieve the dual objective of building a pipeline in both women's health and oncology. We are also delighted that the Principal Investigator of this exciting technology is keen to remain actively involved in the next stages of development.”
After initially opening the session at 23.25p, above Wednesday's 21.5p close, ValiRx shares are now trading at 21.25p, down 1.32%. In July, the company's shares jumped over 45% on rumours of a licensing deal with a major pharmaceutical firm.
ValiRx shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are VAL shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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