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RedX Pharma upbeat after resolution of funding issues

Redmile bought £1.3mln worth of RedX shares and provided £5mln debt funding and is putting together a £20mln convertible loan

Redx Pharma Plc -
RedX has a cancer treatment in 1/2a trial clinical trial and two fibrosis candidates under development

RedX Pharma PLC (LON:REDX) remains on track to complete the re-started trial of its porcupine inhibitor cancer treatment by the second half of 2020.

The firm recently rejected a takeover approach from a consortium led by biotech veteran Sam Waksal in favour of a new finance package from Redmile, a US healthcare investor.

Redmile bought £1.3mln worth of RedX shares and provided £5mln debt funding and is putting together a £20mln convertible loan alongside European group Sofinnova partners.

The news came as RedX posted results showing revenues in 2019 jumped to £3.1mln, with losses falling to £4.3mln, and cash at the year-end was £3.7mln.

Lisa Anson, the group's chief executive, said: “The phase 1/2a clinical trial of our promising lead cancer asset, RXC004, an oral porcupine inhibitor, remains on track to deliver results in H2 2020.  We remain confident that this programme can unlock the potential of the Wnt pathway as a means to tackle unmet needs in a number of cancers."

“We have also built a leading position in fibrosis with the nomination of two development candidates:  RXC006, a novel porcupine inhibitor, and RXC007 a selective ROCK2 inhibitor.

“Both are on track to enter the clinic in 2021 as potential treatments for idiopathic pulmonary disease, a progressive, orphan disease with limited treatment options with subsequent potential to treat a much broader range of fibrotic conditions, including liver fibrosis," she added.

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Price: 35 GBX

AIM:REDX
Market: AIM
Market Cap: £66.5 m
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