Drug developer ValiRx (LON:VAL) has sold its shareholding in VolitionRx.
The life sciences firm offloaded 510,811 shares, netting US$601,578. The funds will be used to continue clinical development of its lead compounds VAL101 and VAL201.
As previously announced, ValiRx transferred some of its non-core technology to an affiliate of VolitionRx in return for certain payments and the allotment of 510,811 shares to the company, and these are the shares the company has sold.
The sale of these shares completes the company's divestment of the relevant non-core technology, ValiRx said.
The shareholding in VolitionRx was valued at US$1.1mln (£738,943) in the company's interim financial report to 30 June 2013, and although the holding has been sold at less than book value, the board believes the company will obtain a better return by investing the sales proceeds into development of its own drugs.
Shares in ValiRx were down 0.018p at 0.342p in afternoon trading.
