31st Jan 2014 13:03
LONDON (Alliance News) - ValirRx PLC Friday said it has sold its shareholding in VolitionRx to an unnamed firm for USD601,578 and will use the proceeds for the continuing clinical development of its anti-cancer therapeutics VAL101 and VAL201.
The life science company had 510,811 shares in cancer diagnostics business, VolitionRx.
In 2010 and 2011 ValiRx transferred some of its non-core technology to an affiliate of VolitionRx in return for certain payments and the allotment of 510,811 shares to the firm.
The sale of these shares completes ValRx's divestment of the relevant non-core technology.
The shareholding in VolitionRx was valued at UD1.1 million in ValiRx's interim financial report to June 30 2013.
The board believes that the company will obtain a better return for shareholders by investing the proceeds received from this transaction in the continuing clinical development of VAL101 and VAL201 and to progress their development towards those respective value inflection points that exist across the portfolio," ValiRx said.
The stock was trading at 0.343 pence Friday afternoon, down 0.018 pence or 4.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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