- Cancer therapy developer ValiRx said it had reduced its headcount and terminated a licence agreement in a bid to conserve capital during the Covid-19 pandemic.

The company did not specify how many jobs had been cut.

It had been seeking to dispose of its licence in GeneICE, however, to date had not yet been able to conclude a sale.

'Consequently, given the high patent costs for this non-core technology, the company has notified Cancer Research Technology, through whom GeneICE is licenced, of its intention to terminate the licence agreement,' ValiRx said.

The annual savings from the patent renewal costs of the TRAC, FitBIO and GeneICE portfolios was expected to be in excess of £120k.

'Costs have been looked at across all areas of the business to ensure that scientific progress can continue without working capital being jeopardised by excessive overheads,' chief executive Suzy Dilly said.

'By continuing to maintain tighter budgets and looking for cost-savings I believe we can deliver better long-term value to shareholders.'

At 9:37am: [LON:VAL] ValiRx PLC share price was 0p at 7.25p

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