Redx Pharma
Alderley Edge, United Kingdom

Redx Pharma specialises in the discovery and development of small molecule therapeutics, with an emphasis on oncology and fibrotic disease. It aims to initially progress them through proof-of-concept studies, before evaluating options for further development and value creation. Existing earlier-stage collaboration partners include AstraZeneca and Jazz Pharmaceuticals.

Investment Perspective

Redx Pharma’s unique and differentiated ROCK inhibitor portfolio, targeting diverse and underserved fibrosis indications, is central to its investment case. The Phase IIa trial of its lead asset, selective ROCK2 inhibitor zelasudil (RXC007) in idiopathic pulmonary fibrosis (IPF), is due to read out top-line data in H124 and will inform subsequent clinical development plans. This potentially includes expansion into broader interstitial lung diseases (ILDs) and cancer-associated fibrosis. Its second ROCK asset, GI-targeted pan-ROCK inhibitor RXC008 for fibrostenotic Crohn’s disease has now started a Phase I study, with initial safety data in healthy volunteers expected by end-2024. Other key data points in 2024 include Phase II checkpoint inhibitor combination data for porcupine inhibitor RXC004 in Wnt-ligand dependent tumours, expected H124, which will be a prelude to partnership discussions. Continued execution on business development opportunities within the pipeline has led to a third deal with Jazz Pharmaceuticals, focused on KRAS, and bringing in a $10m upfront payment, which has extended the cash runway into 2025. Our rNPV-based valuation is £386m ($463m), equivalent to 99p per share. .

Market information

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Ready to ROCK as RXC008 enters the clinic
Update | 28 Feb 2024
Up to $870m KRAS deal marks third Jazz collaboration
Lighthouse | 07 Feb 2024
Anticipating clinical momentum and catalysts in 2024
Update | 19 Dec 2023

Recent News

First participant dosed in RXC008 Phase I trial
28 Feb 2024
Statement re Press Report
14 Feb 2024
Jazz Pharmaceuticals acquires KRAS programme
07 Feb 2024
FY23 Results
15 Dec 2023