ValiRx plc has entered into an agreement with StingRay Bio Limited ("StingRay") to investigate a lead series of drug candidates for use in oncology. The lead series of molecules has been developed by StingRay using a target-based drug design approach, to create novel candidate drugs for kinases with well-validated links to cancer. Under the agreement, the Company will carry out a defined series of preclinical tests on the molecules over the next twelve months to validate the technology and determine suitability for commercialisation. This preclinical evaluation will investigate the action of the molecules against a range of cancer types.  Research conducted at Inaphaea BioLabs and collaborative partners will progress lead optimisation of the lead series molecules and ascertain activity, utilising patient derived cells from the recently acquired Imagen biobank; as well as assessing safety profiles of lead candidates nominated from within the series. The cost of the work will be borne by ValiRx and will be capped at £100,000 over the twelve month period.  At the conclusion of the evaluation period the Company has an option to license the technology on pre-agreed terms.