Singapore Volition Pte. Ltd., ValiRx deal
ValiRx will sell its Belgian oncology diagnostics subsidiary, ValiBIO S.A., to Volition for $400,000 in cash and $600,000 in Volition shares. Volition will use ValBIO's technology to develop cancer diagnostics, with an initial focus on colorectal and lung caner. ValiRx will retain all rights to ValBIO's HPV diagnostic products, which are in pivotal testing to screen for HPV infections. ValiRx will also retain rights to use ValiBIO's technologies to develop diagnostic and prognostic companion products for ValiRx's GeneICE program, which includes preclinical cancer compounds VAL 101 and 201. ValiRx will also receive revenues from IP management and other technical functions provided by the company.
ValiRx said the deal will allow the company to focus on its core business of targeted personalized cancer therapeutics and companion products. The deal is expected to close in October. ...