4th Dec 2006 07:00
ValiRx PLC04 December 2006 Monday 4th December ValiRx increases holding in Morphogenesis Inc. - development funding targeted at cancer vaccine technologies - ValiRx plc ("VailRx" or the "Company") (AIM: VAL), the cancer therapeuticscompany, today announces that it is providing £193,000 ($375,000) in developmentfunding to emerging US biotechnology company, Morphogenesis Inc(www.morphogenesis-inc.com). In addition, ValiRx has subscribed for 250,000share warrants, exercisable at 1 US dollar within the next three years, takingValiRx's holding in the company to: • 1,806,700 ordinary shares • 250,000 warrants Founded in 1996, Morphogenesis Inc. is developing a portfolio of cell therapyproducts for the treatment of chronic disorders. Its most advanced product,ImmuneFxTM - for which the company was granted a US patent on 22nd August 2006(US patent 7,094,603) - is due to go into phase II pre-clinical trials in 2007,potentially providing cancer vaccine solutions that target tumours in bothhumans and pets. It has been estimated by the Company that the caninelymphosarcoma market in the US alone would be in excess of $200 million a year. Commenting on the investment, Chief Executive of ValiRx, Dr Satu Vainikka, said: "We are excited by the advances Morphogenesis is making. We view its early-stagecell technology and products as not only being significant in their own rightbut as potentially highly complementary to our GeneICE approach." Contact Details: ValiRx Ltd WH Ireland Morphogenesis Inc. GTH Communications Dr Satu Vainikka David Youngman Pat Lawman Toby Hall / Jade Mamarbachi +44 (0) 207 408 5400 +44 (0) 161 832 2174 +1 (813) 855 9844 +44 (0) 20 7153 8035 --- ends --- About GeneICE GeneICE - developed by Cronos Therapeutics in which ValiRx holds a 60.28 percent stake - has the potential to freeze the development and growth of cancerouscells. In March 06, Cancer Research Technology, the development andcommercialisation arm of Cancer Research UK, announced it had entered into apartnership to complete key proof of concept studies for the GeneICE approach.It is believed that GeneICE - already tested on six cancer cells - could berelevant to up to 80% of breast cancers, 90% of prostate cancers and 80% ofleukaemias. About ImmuneFxTM The ImmuneFxTM cancer vaccine capitalizes on the ability of bacterial antigensto evoke a strong immune response and the ability of the patient's immune systemto respond to the presence of the bacterial antigens by directing the force ofthe immune system specifically to the tumour. Typically, cancer cells do notnormally evoke an immune response that is effective in preventing the formationof tumours. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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