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(Sharecast News) - London-based life science company ValiRx has announced that its wholly-owned subsidiary, Inaphaea BioLabs, has entered into an evaluation and commercial use agreement with Spanish contract research organisation Xenopat.
The AIM-traded firm said the agreement would involve the provision of Inaphaea's extensive collection of patient-derived cells (PDCs) for evaluation and commercial use within Xenopat's in-vivo xenograft platform.
Under the terms of the deal, Inaphaea would grant Xenopat access to its library of over 470 PDCs, with the possibility of adding more cells as they became available.
In return, Inaphaea would receive an upfront fee and a percentage of service royalties from the commercialisation of the models developed using these cells.
The collaboration also included a mutual commitment to co-market each other's services, aiming to enhance their offerings in the oncology research market.
Both companies planned to pursue non-dilutive funding opportunities to support the expansion of their development projects through European grant schemes.
The initial term of the agreement would be 12 months, with the option for extension subject to mutual written consent.
"This deal marks another milestone in the commercialisation of Inaphaea's PDC bank expanding the range of in-vivo models available for commercial use," said ValiRx chief executive officer Mark Eccleston.
"Xenopat's expertise in xenograft models makes them an ideal partner to further deploy our biobank of over 470 PDCs to their clients whilst broadening our commercial reach for in-vitro service contracts."
At 1153 BST, shares in ValiRx were down 6.85% at 1.7p.
Reporting by Josh White for Sharecast.com.
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