() surged over 30% higher on Thursday after the firm said it is continuing “advanced conversations” with a number of possible partners as it looks to press ahead with the development of its VAL401 lung cancer candidate.
Earlier this year, the AIM-quoted firm released the results from a phase II trial which confirmed that the drug had a “statistically significant” improvement in overall survival for patients with non-small cell lung cancer compared to those receiving no treatment.
The data also showed that VAL401 had a “measurable improvement” on a patient’s quality of life.
Since then, ValiRx has been further analysing the results and discussing them with various industry opinion leaders and oncology specialists.
An advisory board made of key UK opinion leaders was told how participants in the mid-stage study would be confident taking VAL401 immediately on cancer diagnosis alongside the standard course of chemotherapy.
Those patients also highlighted the need for a drug which can at least maintain quality of life.
The chief executive of ValiSeek – the joint venture company which has developed VAL401 – Suzy Dilly also attended the BIO International Convention in Boston earlier this month where she met with potential partners to discuss possible partnerships.
“The external validation from both the Advisory Board and wider industry, has provided increased confidence that VAL401, the product, has a valued and needed place in the market,” said Dilly.
“These developments are a valuable addition to our licensing package, clarifying the final stages of clinical testing towards commercial use.”
On top of this, ValiRx confirmed it has received a notification that a further method-of-treatment patent has been allowed by the New Zealand Patent Office covering the use of VAL401 in the treatment of pancreatic cancer.
In late afternoon trading, ValiRx shares were 31% higher at 2.95p.
— Updates share price —