17 May 2017

 

 

Interim results for the six months ended 31 March 2017

 

  • Clinical trial application filed for Porcupine inhibitor RXC004

  • Development candidate chosen for reversible BTK inhibitor RXC005 for drug resistant chronic lymphocytic leukaemia

  • Strategic restructuring completed post period; estimated £4.2 million annual cost saving

  • Iain Ross appointed as Non-Executive Chairman of the Board from 1 May 2017

  • £12 million gross raised in March 2017, including a subscription with a related sharing agreement

  

Pipeline highlights:

 

  • RXC004 – our “best-in-class” Porcupine inhibitor
    • Clinical trial application (CTA) filed post period in April
    • Scheduled to enter first-in-human studies upon CTA approval
    • Shown to have the potential to be used in combination with immune checkpoint inhibitors (anti-PD-1)

 

  • RXC005 – our “best-in-class” reversible BTK inhibitor
    • In vivo proof of concept achieved for the reversible BTK program
    • Development candidate nominated for drug resistant chronic lymphocytic leukaemia (CLL)
    • Pre-clinical profile presented at ASH meeting in December 2016 and iwCLL in May 2017
    • Investigational new drug (IND) application and CTA to be filed around the end of 2017

 

Other highlights

 

  • Fibrotic disease selected as core immunology research area
  • Redx acquired the locally acting Rho kinase (ROCK) inhibitor AMA0825 from Amakem NV in March 2017 for an undisclosed amount. ROCK is a promising anti-fibrotic target and AMA0825 is at late lead optimisation stage
  • Redx was awarded US$1 million competitive grant by CARB-X to enable the Company to advance its Gram-negative anti-infective program with a prospective partner

“Redx Pharma is now optimally positioned to capitalise on the potential of its world class discovery engine with the transition to clinical development of our two best-in-class assets RXC004 and RXC005 in oncology. I am also excited by the potential of our pipeline in fibrosis, bringing novel medicines to areas of severe unmet need. We look forward to announcing the start of our first clinical trial with RXC004 and to building greater value for our shareholders as a clinical stage business.”

Dr. Neil Murray

Chief Executive Officer of Redx Pharma

“I have been impressed by the potential of Redx Pharma’s science, approach to drug discovery and the speed with which the Company has created a world class pipeline of best-in-class products. Following the recent re-structuring of the organisation we are now focused on implementing an aggressive strategy to accelerate the "realisation of value" by progressing the clinical and commercial development of our lead programs and maximising the long term potential of the pipeline. I am delighted to be working with the Redx team.”

Iain Ross

Chairman of Redx Pharma

Key Financials

  • Net cash at 31 March 2017: £5.1m (2016: £4.4m)
  • Comprehensive loss: £10.7m (2016: £7.1m)
  • Strategic refocus expected to deliver annual cost savings of £4.2 million

 

Presentation and Conference Call

Redx Pharma will host a presentation and conference call for analysts and investors at 12:30pm BST / 7:30am EDT today at the offices of Consilium Strategic Communications, 41 Lothbury, London, EC2R 7HG, UK. A presentation will be available on the Redx Pharma website 10 minutes before the start of the call at http://redxpharma.com/investors.html. To access the conference call, please dial one of the appropriate numbers below quoting the conference ID.

United Kingdom:              +44 (0) 1452 555 566

United States:                   +18 669 669 439

Conference ID:                  21560455

The call will be conducted in English and a replay will be available on the Company website for 30 days.

For further information, please contact:

 

Redx Pharma Plc

 

Neil Murray, Chief Executive

+44 1625 469 900

Karl Hård, Head of IR & Corporate Communications

+44 7491 651 406

 

 

Cantor Fitzgerald Europe (Nomad & Broker)

+44 207 894 7000

Phil Davies/ Michael Reynolds

 

 

 

WG Partners (Joint Broker)

+44 203 705 9317

Claes Spång/ Chris Lee/ David Wilson

 

 

 

Consilium Strategic Communications

+44 203 709 5701

Amber Fennell/ Matthew Neal/ Melissa Gardiner

 

redx@consilium-comms.com

 

 

 

About Redx Pharma Plc

Company website: Redxpharma.com

 

Redx is focused on the discovery and development of proprietary, small molecule therapeutics to address areas of high, unmet medical need, principally in cancer, immunology and infection providing a pipeline of assets to larger and emerging companies. By improving the characteristics of existing drug classes to create highly differentiated, novel, best-in-class drugs, Redx has already established a broad portfolio of proprietary drug programs.

 

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