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ValiRx acquires Finnish business
AIM minnow ValiRx (VAL) has acquired the remaining equity in its Finnish non-trading company ValiFinn.
The drug developer and manufacturer of testing kits for conditions such as chlamydia and the menopause acquired ValiFinn for a 'nominal amount' which it remarks represents 'the initial capital introduced into ValiFinnn.' As a result ValiFinn has become a subsidiary of ValiRx with the company enthusing that it will benefit from the 'favourable environment for regulated medical and clinical studies in the Nordic region.' ValiFinn itself has been awarded a grant by the Finnish government for 55,000 which is to be used for 'regulatory and clinical projects' with ValiRx remarking that there is the 'potential for continued further support' from the Finnish.
Last month ValiRx provided an update on one of its lead drugs, VAL201, in which it established a 'potentially important role for VAL201 in treating hormone induced refractory prostate cancer' according to ValiRx. ValiFinn will be conducting 'the management of certain aspects of VAL201' and will be assisting on the 'regulatory work pertaining to the clinical trials.' ValiRx adds that it has been advised that 'Nordic countries offer a potentially favourable location for its initial hormone regulatory cancer clinical trials.'
ValiRx's Finnish chief executive officer Satu Vainikka enthused that ValiRx was now 'establishing an international presence in the Nordic region' and was 'very grateful for the support we are receiving from the Finnish government.' She described the Nordic region as being a 'favourable environment for drug development' insisting that ValiFinn will lead to the 'accelerated development' of VAL201.
Growth Company Investor last recommended shares in ValiRx following the update on VAL201 at 0.8p with the shares currently trading at 0.68p. The latest news does little to change its fundamental investment prospects, although may be of use with VAL201. We retain our speculative buy rating.
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