Redx Pharma
Alderley Edge, United Kingdom

Redx Pharma specialises in the discovery and early clinical development of small molecule therapeutics, with an emphasis on oncology and fibrotic disease. The two lead compounds will be progressed through proof-of-concept studies and then partnered for further development. Existing earlier-stage collaboration partners include AstraZeneca and Jazz Pharmaceuticals.

Investment Perspective

Redx Pharma’s H121 results highlight continued momentum and delivery against expectations, despite COVID headwinds on clinical studies. The start of the Phase I study of RXC007, a ROCK2 inhibitor for fibrosis, means the company now has two distinctly different in-house assets in the clinic. Lead in-house programme RXC004, a porcupine inhibitor for genetically selected solid tumours, is completing Phase I studies and set to enter Phase II trials during H221. The solid cash position of £39.9m supports increased R&D investment through to end-2022, covering several important value inflection points. Our updated rNPV-based valuation is £350.7m, equivalent to 128p/share (86p fully diluted).

Market information

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RXC004 2mg dose selected for Phase II trials
Lighthouse | 27 Jul 2021
Rezurock approval has positive read across for Redx
Lighthouse | 19 Jul 2021
Receipt of $4m milestone for RXC006 progress
Lighthouse | 17 Jun 2021

Recent News

Phase II dose selection of RXC004
27 Jul 2021
Receipt of $4m RXC004 milestone payment
17 Jun 2021
Interim H121 results
07 Jun 2021
First subject dosed in RXC007 Phase I study
03 Jun 2021