An Alderley Park based drug discovery firm, Redx Pharma, has announced it has conditionally raised £25.2 million ahead of a share placing.
The share placing will ensure the business has funds to continue its research and drug development through until 2022, supporting its current pipeline of activities. A potential treatment for advanced cancers, including metastatic colorectal, pancreatic and biliary cancers, is currently undergoing a Phase 1 clinical trial. An anti-fibrotic drug with potential to treat a number of conditions including including idiopathic pulmonary fibrosis, non-alcoholic steatohepatitis and diabetic nephropathy is also due to begin clinical trials in 2021.
Iain Ross, Chairman of Redx, commented:
We are delighted to have conditionally raised c.£25.5 million, which has strengthened our financial position and means we can continue to drive forward with two promising clinical programmes and our preclinical research at pace. We are particularly pleased with the continued strong support from our existing investors, notably Redmile and Sofinnova, as well as welcoming new investors including Polar Capital.”
Earlier this year, Redx raised a further £26 million from US-based healthcare investors, Redmile Group, and a French venture capital investor, Sofinnova. In the last six months, the drug discovery firm has also announced partnerships with AstraZeneca and Jazz Pharmaceuticals.
Commenting on recent progress and momentum in a strong 2020 for the Alderley Park based drug discovery firm, Lisa Anson, Chief Executive Officer of Redx said:
Redx has made strong progress over the last six months in particular, executing on two key collaboration agreements with world leading pharmaceutical companies, AstraZeneca and Jazz Pharmaceuticals. We are pleased to see support for Redx’s strategy and our exciting pipeline of novel drugs, which have the potential to transform the treatment of cancer and fibrosis. We remain confident in our lead oncology asset, RXC004, and look forward to announcing results from the Phase 1 study, expected in H1 2021. Our development compound in fibrosis, RXC007, also remains on track, and we expect it to enter Phase 1 clinical development in H1 2021.”