25 May 2012

ValiRx sells to Nordics

08/09/2011 Ben Jaglom

Pharma minnow ValiRx (VAL) has signed an agreement to sell its SELFCheck products to Finland and Sweden.

The AIM-quoted venture signed the agreement with the Finnish distributor Medcase to sell its SELFCheck range to the region, which test for a variety of conditions such as the sexually transmitted disease chlamydia. The deal will include a minimum order of 300 kits being purchased by Medcase, who will 'use its distribution channel in Finland and Sweden to assist ValiRx.'

Helsinki-headquartered Medcase is also to agree with ValiRx not to distribute other products that are 'competitive with the SELFCheck product range' with Medcase to decide between now and the year-end whether a 'longer-term commercial distribution agreement between the company and Medcase can be entered into.'

ValiRx's Finnish chief executive officer Satu Vainikka enthused that the agreement was an 'exciting next step in the roll-out of our SELFCheck range of products' adding that Medcase is a 'very experienced operator' that will 'hopefully take' ValIRx closer to 'our goal of building a commercial self-funding biopharmaceutical company.'

Growth Company Investor last recommended shares in ValiRx this August at 0.68p and the shares have fallen 0.05p since, currently trading at 0.63p. The latest news does little to change our view on ValiRx and we therefore retain our speculative buy rating.

Tags: AIM pharma, Business in Finland, Business in the Nordic region, Doing Business in Sweden, Selling to Nordics

Sector: Pharmaceuticals & Biotechnology

Companies: Valirx

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