- Clinical-stage drug development company ValiRx narrowed full-year losses after it cut back on R&D and administrative spending.

Pre-tax losses for the year through December amounted to £1.54 million, compared to year-on-year losses of £2.7 million.

The company said it had launched a new strategy and implemented structural changes to develop 'a risk-diversified approach to early-stage drug development'.

A phase 1/2 clinical trial close out and reporting of lead asset VAL201 had demonstrated good safety and tolerability and early indications of efficacy.

'The launch of our new strategy has enabled us to start building connections with universities, institutions and medical research charities,' chief executive Suzy Dilly said.

'Innovators and technology transfer departments alike have been able to introduce us to a range of fascinating projects. We are looking forward to 2021 and are confident in the outlook for ValiRx.'

At 8:46am: [LON:VAL] ValiRx PLC share price was 0p at 19.75p

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