ValiRx's shares rise after VAL401 cancer-drug trial update

Shares in ValiRx are up more than 6% after it said ValiSeek has made several significant steps of progression within the trial for the novel cancer-treatment drug VAL401.

ValiSeek was formed to progress VAL401 into clinical efficacy trials for the treatment of lung cancer and other oncology indications.

ValiSeek CEO Suzy Dilly said the set-up and planning for the addition of a third trial site -- the Research Institute of Clinical Medicine at Tbilsi -- was a statement of confidence.

This site was anticipated to begin recruiting patients by April 2017, with ValiSeek extending its recruitment period into Q2 2017 to maximise the potential for the full co-operation between the sites.

In addition, ValiSeek had achieved approval of several protocol and documentation amendments and updates both to the ethics committees of all three sites and to the Ministry of Health, Georgia.

"In addition to clarifying instructions to the clinicians, these updates confirm the intention of a preliminary datalock on completion of the collection of all pharmacokinetic samples. This will enable a mid-trial data release," the company said.

At 10:24 GMT, shares in AIM-listed ValiRx were up 6.19% to 2.58p each.