Life sciences group raises funds to boost R&D
A Nottingham-based life science company has raised almost £1.6m, as it looks to expand its preclinical development of a breast cancer drug.
ValiRx, which is focused on early-stage cancer therapeutics and women’s health, is looking to develop its product CytoLyrix, a formulation that has initially been created for the treatment of triple-negative breast cancer.
The business moved its headquarters from Nuneaton to Nottingham earlier this year following the launch of a new laboratory in the city with its subsidiary Inaphaea BioLabs.
The conditional fundraising will boost research and development for preclinical testing, new evaluation products and tackle operating costs.
Mark Eccleston, CEO of ValiRx, said: “I want to thank new and existing shareholders for their support and highlight we will be using the money to further support the preclinical development of CytoLytix.
“We will continue to build on the first sales from Inaphaea’s Biobank, announced on 18 November 2024, which comprises approximately 5,000 vials of Patient Derived Cells from 478 individual cases and 66 types of cancer.
“Whilst the financial details of the transaction were not released, we are encouraged by the progress made and we believe the biobank holds significant potential for supporting research and generating future revenue streams.”
ValiRx said in May that it had seen investor interest retreat like most life sciences businesses, due to geo-political events and the rise in interest rates to tackle inflation. Factors have been further exacerbated by slower-than-expected progress in key projects, such as product out-licencing and, to a lesser extent, protracted negotiations on university-derived evaluation agreements.
