logo-loader
FinanceBanks
Redx Pharma Plc

Redx Pharma up as it confirms cancer drug clinical trial will re-start early next year

After discussions with the regulator, RXC004 will be administered at a lower initial dose

1527663598_shutterstock_244380844.jpg
Redx is developing a new generation of cancer drug called a porcupine inhibitor

Redx Pharma plc(LON:REDX) shares gained on Wednesday as the group confirmed it will restart early-stage clinical trials on its cancer drug after discussion with the regulator.

The phase I/IIa assessment of RXC004 was halted in March amid concerns the initial dosing was too high.

Crucially, there were no other 'off-target' side-effects, while the compound appeared to act in the way expected.

Following talks with the Medicines and Healthcare Regulatory Agency, work will restart early next year at a lower initial dose.

First-half results

The update was provided alongside first-half results, which showed Redx to be in a financially strong position with just over £10mln in the bank as at March 31.

The company, which recently unveiled senior AstraZeneca executive Lisa Anson  its new chief executive, has also managed to cut £7mln from costs on an annualised basis.

It meant that Redx's loss fell to £4.6mln in the six months from £10.7mln.

"I am pleased with the progress that Redx has made in the past six months," said chairman Iain Ross.  

"We have continued to advance our R&D programmes and achieved substantial cost savings across the business."

In mid-morning trading, Redx shares were 1.9% higher at 13.75p.

-- Adds share price --

 

Quick facts: Redx Pharma Plc

Price: £0.09

Market: AIM
Market Cap: £10.75 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Redx Pharma Plc named herein, including the promotion by the Company of Redx Pharma Plc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

New Redx CEO bringing leadership and skills to 'capitalise on its great science'

Lisa Anson, the new chief executive at Redx Pharma Plc (LON:REDX), sat down with Proactive's Andrew Scott just weeks after taking on the new role. Anson was the president of AstraZeneca PLC’s (LON:AZN) UK division immediately prior to joining, while she's also held various other senior...

on 19/7/18

2 min read