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 FY20 results are a powerful reminder of the progress made in the past year. A subsequent key event, December’s c £25.6m (gross) raise, extended the cash runway to end-2022, with three specialist funds (Redmile, Sofinnova, Polar Capital) providing tangible validation of management strategy. Its proven medicinal chemistry expertise is focussed on creating “first in class” or “best in class” compounds addressing well-defined cancers and fibrotic diseases. These are rapidly developed to key value-inflection points, typically Phase II proof-of-concept trials, ahead of partnering for the more expensive clinical phases. Despite COVID-related impacts on clinical trials, both RXC004, a porcupine inhibitor for oncology, and RXC007, a ROCK2 inhibitor for fibrosis, are set to reach important value inflection points during 2021. Our rNPV-based valuation is £326.4m, equivalent to 119p/share (84p fully diluted).

Market information

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FY20 results highlight extent of progress made
Update | 27 Jan 2021
Funding secured to support next chapter of growth
Update | 04 Jan 2021
£25.5m placing extends runway to end-2022
Lighthouse | 02 Dec 2020

Recent News

FY20 results and operational update
27 Jan 2021
Results of Open Offer and General Meeting
21 Dec 2020
£25.5m placing and open offer
02 Dec 2020
Appointment of Chief Medical Officer
27 Oct 2020