ValiRx further extends letter of intent with TheoremRx

(Sharecast News) - ValiRx, a life science company specialising in early-stage cancer therapeutics and women's health, announced a further amendment to its letter of intent with TheoremRx regarding the proposed sub-license of VAL201 on Tuesday. The AIM-traded firm said the exclusivity period, initially set to expire on 31 December, had been extended for a final time until 31 May.

It said the extension followed developments disclosed by TheoremRx involving a transaction with an unidentified Nasdaq-listed company.

ValiRx's board said it believed the developments could positively influence the potential agreement.

However, the letter of intent and the proposed licence agreement, first referenced in November 2021, remained non-binding, adding there was no assurance that the agreement would be finalised or generate significant revenue within the anticipated time frame, if at all.

"This final, time limited, extension has been granted to allow TheoremRx to complete their M&A transaction with a Nasdaq-listed company, which is required to enable execution of the sub-license of VAL201 to TheoremRx," said ValiRx chief executive officer Mark Eccleston.

"Further details on the transaction will be made public in due course and we remain supportive of the TheoremRx team and continue to closely monitor their progress."

At 1044 GMT, shares in ValiRx were up 29.6% at 0.81p.

Reporting by Josh White for Sharecast.com.