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In a statement, ValiRx (LSE:VAL) announced that it has filed for a new patent for its therapeutic compound, VAL201, sending shares up 10% in early trading.
ValiRx is a biopharmaceutical company developing products in diagnostics, therapeutics, and oncology. Their main product focus is on cancer research, however their technology can be applied to other fields as well. Endometriosis is a very debilitating condition found in women that is one of the major causes of infertility. The pharmaceutical company’s latest drug has been proven to reduce abnormal endometrial growth while leaving other hormone induced activities unaffected. The newest findings on VAL201 also suggest potential use of the drug in reducing side effects indicated in an earlier study of the drug in prostate cancer patients.
According to the company, the global market for products involving treatment of endometriosis is projected to reach $1.3 billion by 2017, with an estimated 170 million sufferers world wide.
The original patent and technology covering VAL201 is licensed from Cancer Research Technology for use in a form of cancer that is androgen resistant. Under the terms of this license, ValiRx is responsible for pre-clinical development and receiving approval to take the drug into clinical trials.
Statement from the CEO
ValiRx CEO, Dr Satu Vainikka made this statement released to the public:
“I am delighted with the progress we are seeing and the filing of this latest patent is an exciting next step in the development of the compound.
The market for treatments against endometriosis and hormone induced tumour growth is substantial and with significant unmet clinical need. I am pleased therefore to see that novel therapeutics with improved safety profiles and with minimal side effects are increasingly addressing these conditions. Several major pharmaceutical companies have already expressed considerable interest in endometriosis therapeutics and I believe new methods of treatment are increasingly being accepted. I very much look forward to the continued development of VAL201 for the benefit of all parties.”
