The ValiRx Plc (LON: VAL) share price surged 28.4% despite not making any announcements today in what could be a delayed response to some previous news releases. The last significant news release from Valirx was an operational review released on Thursday, 28 September 2023.
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The operational review highlighted that Inaphaea BioLabs had secured its first revenue-generating contract. The company noted that the contracted work was progressing well and on schedule. Inaphea had completed the first stage of the project.
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The work programme contracted to Valirx included a phenotypic screen for the anti-cancer activity of a group of test molecules compared against a patient-derived cell line (PDC) from a glioblastoma patient. The company selected the PDC from an extensive biobank acquired from Imagen Therapeutics in June 2023.
Valirx also noted that Ihaphea BioLabs had made solid commercial progress, raised brand awareness, and developed partnerships with complementary service providers to expand the tCRO® concept. The strategy will help identify revenue-generating opportunities and introduce Inaphea’s offering to a broader clientele.
The PDC biobank has been identified as a significant asset for Inaphea BioLabs. It can help the company generate additional income streams by combining services and products and selling PDCs under license to customers, including larger pharmaceutical companies and medical device firms.
Inaphea’s laboratory team has made good progress in validating and commissioning the Imagen Therapeutics biobank and equipment and is building multiple capabilities to offer to its customers. Inaphea hosted a launch event to build brand awareness on 28 September 2023, which was well-attended.
Valirx also updated its clinical assets, including VAL201, which has been licensed to TheoremRx Inc. The company regularly contacts TheoremRx regarding their efforts to secure funding for developing the drug to complete the VAL201 sub-license.
The company also has a preclinical asset, CLX001, divested to Cytolytix Limited (Cytolytix) in Q4 2022 as a single asset company. The drug is undergoing testing at the Inaphaea facility to formulate the final version that can undergo clinical testing.
Valirx also released its half-year report for the six months ended 30 June 2023 on September 24, 2023. Today’s rally could be attributed to a delayed response to the two previous press releases.
Valirx share price.
The Valirx share price surged 28.38% to trade at 7.51p, from Friday’s closing price of 5.85p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.