- Biotechnology company ValiRx said its subsidiary joint venture ValiSeek had sourced funding to advance a cancer therapy.

ValiSeek and partner Tangent Reprofiling had entered into a letter of intent with Black Cat Bio, a special purpose vehicle, to raise up to £5m towards commercialising the therapy -- VAL 401.

Black Cat had itself entered into, and would fund, a service agreement with private investment business Zenith Partners, to source the funding.

'I am pleased to be able to announce that ValiSeek has come to an agreement with Black Cat to secure the future development of VAL401, to the advantage of all parties,' ValiRx chief executive Satu Vainikka said.

At 9:08am: [LON:VAL] ValiRx PLC share price was +0.02p at 0.13p

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