LONDON (ShareCast) - (Sharecast News) - Medicines developer ValiRx said on Monday that it was looking to build on its existing portfolio of drug candidates and grow a pipeline of innovative, early-stage projects in the areas of oncology and women's health.
ValiRx said it intends for new projects to be held in newly formed subsidiaries, or special purpose vehicles, with the company seeking external funding from partners to progress development towards clinical trials.

The AIM-listed firm will provide the subsidiaries with corporate and project management support, being reimbursed accordingly, while in the longer term, ValiRx expects the incubation of early-stage drug discovery projects to become self-sustaining, with income from special purpose vehicles being used to support working capital and provide investment funding for further in-licensing.

Chief executive Dr Suzy Dilly said: "We've shifted the development paradigm for ValiRx to earlier in the drug discovery process. This is intended to maximise the impact that our intellectual and financial contribution can make.

"With flexibility of thinking, small biotechnology incubator companies, supported by ValiRx, are ideally placed to perform the innovative early-stage development work, and, rather than carrying out costly, time-consuming clinical trials ourselves, we will seek to have project partners prior to clinical testing."

As of 0930 BST, ValiRx shares had ticked up 0.19% to 8.02p.

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