ValiRx shares were weaker in early trade on Monday despite the life sciences company saying they were ‘particularly excited’ about their progress at their subsidiary Inaphaea. Virtual CRO services company OncoBone will use ValiRx’s Inaphaea as a supplier of cell-based assays.
It appears today’s developments were insufficient to offset the disappointment around the failure of cancer drug trials in conjunction with Hokkaido University announced last week.
ValiRx shares were down around 2.5% in early trade on Monday, trading at the lowest levels since 2020. The ValiRx share price is down 59% over the past year.
Dr Suzy Dilly, CEO at ValiRx, commented:
“This operational update demonstrates the progress made by Inaphaea towards generating contract revenues. We’re particularly excited by the prospect of working with OncoBone due to the innovative nature of their Virtual CRO service.”
ValiRx’s announcement did not refer to the potential amount of revenue generated through the agreement or when it may commence.
