ValiRx Acquires Global Rights to Novel Compound Targeted at Prostate Cancer
News Jul 11, 2008
ValiRx plc has entered into a Licence Agreement with Cancer Research Technology Limited (CRT) to evaluate a novel prostate cancer compound (coded VAL201) that has been found in vivo (pre-clinical) to arrest prostate cancer growth.
Under the terms of the License Agreement with CRT, ValiRx has a period of twelve months in which to complete the pre-clinical regulatory development of VAL201 including toxicology, prior to exercising its option to acquire exclusive worldwide rights to the compound as an anti-cancer agent and subsequently progress to clinical trials.
Annual global sales of prostate cancer drugs are estimated to be US$3 billion. With an ageing population and more effective screening and diagnostic technologies among other advances, each year 35,000 men are diagnosed with prostate cancer in the UK alone.
In common with other cancers, early detection of prostate cancer gives the best chance of survival, yet presently the tumor claims 10,000 lives annually.
The Directors believe that VAL 201 has the potential to add significant value to ValiRx subject to the compound reaching the remaining pre-clinical and clinical milestones; early studies have thus far indicated that this lead drug candidate may also stop tumor growth in patients who are unresponsive to current treatments.