Valirx PLC are up 19.7% this morning after releasing an update on an ongoing clinical trial for a cancer fighting drug.

The compound, VAL201, is in its Phase l/ll dose escalation clinical trial, which is approved to include patients with locally advanced or metastatic prostate cancer and other advanced solid tumours. VAL201 is designed to selectively prevent tumour growth.

The company report that the drug has continued to demonstrate safety and tolerability, with no significant adverse effects recorded. The compound continues to show positive results in terms of delaying disease progression in the patients currently on trial. In light of this, the next dose escalation has been approved and the clinical trial is reported to be on track.

Dr Satu Vainikka, CEO of ValiRx, commented: “Again it is good to be reporting that the VAL201 trial continues to proceed well and as planned. I am pleased to say that, at this stage, a good safety profile has been seen and potential efficacy continues to be noticed.

“We are now nearing dose levels that we originally projected would be therapeutically significant and as such, I enthusiastically look forward to VAL201’s continued clinical trial progress and to updating investors accordingly.”

ValiRx Plc is a bio pharmaceutical company developing new technologies and products in oncology therapeutics and diagnostics.