LONDON (ShareCast) - (Sharecast News) - Life science company ValiRx has officially concluded its evaluation agreement with Hokkaido University, it announced on Friday.
The AIM-traded firm said the agreement, initially announced on 16 December 2021 and later extended on 6 December 2022, aimed to explore potential advancements in cancer treatment.

As part of the agreement, ValiRx committed to conducting a series of experiments after confirming the synthetic route and completing necessary analysis.

However, the company said it encountered challenges in the synthesis and purification of the peptide, which impeded progress in the research.

Despite efforts to overcome those obstacles, ValiRx said it had determined that the product's profile was unsuitable for further development at the current stage.

As a result, the evaluation process was being terminated.

Under the terms of the agreement, ValiRx said it would share the data generated during the evaluation with the researchers at Hokkaido University.

The data would enable the originating academics to optimise the molecular profile of the product, although ValiRx would no longer be involved in the project.

"Although it's disappointing not to be able to progress this project further, this highlights the importance of our process of evaluating academic projects prior to full in-licensing," said chief executive officer Dr Suzy Dilly.

"In addition to returning the data to Hokkaido, we have made recommendations for further work, and we will be following the scientific progress of project with interest."

At 1135 BST, shares in ValiRx were down 14.32% at 7.93p.

Reporting by Josh White for Sharecast.com.

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