ValiRx Plc (VAL) is a life science company mainly focusing on oncology. The company is a specialist in producing novel therapeutics for cancer and related biomarkers. The company is actively seeking licenses and is in discussions to explore collaborative opportunities with top players in the oncology field. The company divided its operations into two divisions being ValiPharma and ValiSeek.
The company acquired global granted patents and Intellectual Property (IP) assets of FIT Biotech OY and signed a Letter of Intent (LOI) agreement with Alpha Blue Ocean to build a genetic therapeutic and diagnostic-based joint venture on the acquired technology.
The agreement would state the purchase of FIT Biotech’s IP assets with consideration of €5,000. FIT Bio is a biotechnology company involved in developing gene delivery technology which is further used by the company in its protein-based drugs, antibodies and vaccines. The company was incorporated in the year 1995 and is headquartered in Tampere, Finland. FIT bio is listed on First North Finland market which was maintained by Nasdaq Helsinki Oy.
ValiRx Plc Share Price Performance
Daily Chart as at May-03-19, after the market closed (Source: Thomson Reuters).
On 3rd May 2019, ValiRx Plc shares closed at GBX 0.40, down by 5.882 per cent against its previous day closing price. Stock's 52 weeks High and Low is GBX 3.44/GBX 0.35. At the time of writing, the share was trading 88.36 per cent lower than the 52w High and 11.29 per cent higher than the 52w low. The outstanding market capitalisation was around £2.98 million. In the last one year, the stock had delivered negative returns of 87.69 per cent and in the last one month, the share was down by 36.00 per cent.
Alpha Blue Ocean (ABO) is an affiliated with European High Growth Opportunities SF (EHGO) management company. On 26 April 2019, with the approval from EHGO, the Alpha Blue Ocean (ABO) entered into a subscription agreement with the ValiRx plc. ABO had also provided required funds to FIT Bio. Both the companies entered into a financing agreement in December of the year 2017. After the termination of financing agreement between both the companies, FIT bio declared themselves as bankrupt.
Both ValiRx Plc and Alpha Blue Ocean (ABO), an EHGO entity, entered into joint venture post-acquisition of FIT Bio's Intellectual Property assets. As per the agreement, both companies will work to establish a genetic therapeutic and diagnostic based joint venture to further development of FIT Bio's IP assets. ValiRx will provide development related to science, technology and clinics in the joint venture and all the commercial activities will be taken care of by the Alpha Blue Ocean.
FIT biotech IP assets suit well with the ValiRx's gene-based technologies. The combination of both will help the company to gain more medical market share, according to CEO of ValiRx Dr Satu Vainikka.
Both the companies are working together to cater to large medical and scientific needs with their combined portfolio. The newly developed techniques in the Joint Venture will help to solve problems created in diseases like neurological conditions, infectious diseases and oncology.
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