NEW YORK (GenomeWeb News) – ValiRx today announced its wholly owned subsidiary ValiFinn has bought the biomarkers business of Pharmatest Services for €75,000 ($96,000) plus stock.
The purchase includes five patent families and patent applications and related intellectual property. Pharmatest, based in Finland, also received 15 million shares of ValiRx stock at a price of .52 pence per share.
Pharmatest also is eligible to receive royalties based on future revenues related to the purchased IP and for the life of the patents, ValiRx said.
ValiFinn plans to create a new business unit with the biomarker business, which currently provides contract research services to pharmaceutical companies. ValiFinn will leverage the business to further the development of companion biomarker diagnostics to complement ValiRx's therapeutics, IP, and companion diagnostic work.
Based in London, ValiRx is focused on developing cancer diagnostics and therapeutics using epigenomics technology. It said in a statement that pairing biomarker-based diagnostics with a targeted drug "is emerging as a key part of personalized medicine, particularly in cancer patients."