LONDON (ShareCast) - Cancer treatment company ValiRx is to start development of treatments based on a GeneICE compound after a successful pre-clinicals test programme.

Shares in the company rose as it revealed that the study showed its GeneICE therapeutics molecule sparks cell death in ovarian, pancreatic and prostate cancer cells.

Development of treatments based on this GeneICE compound will be funded by a development grant that enables ValiRx to retain all commercial rights. If the next phase of the development proceeds according to plan the company expects to begin the regulatory filings process in relation to Phase 1 human trials in the last quarter of 2008.

The company’s subsidiary, Cronos Therapeutics, has widened its portfolio with the development of a second GeneICE molecule which has shown promise in early tests, the company said.

“The GeneICE technology, with its European and US patent rights secured, remains a central focus for the company and provides the rationale for us developing complementary diagnostic technologies both in the UK and through our research and commercialisation division, ValiBIO SA, in Belgium,” said Dr. Satu Vainikka, chief executive officer of ValiRx.

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