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 continues to deliver, with H122 results highlighting broad progress across the pipeline. The lead assets, RXC004, a porcupine inhibitor for oncology, and RXC007, a ROCK2 inhibitor for fibrosis, are advancing through Phase II and Phase I trials respectively, with further value inflection expected during 2022-23. Milestone receipts from AstraZeneca and Jazz Pharmaceuticals are tangible evidence of further progress with partnered programmes. Selection of RXC008, a GI targeted ROCK inhibitor as the next development candidate demonstrates earlier stage development is similarly bearing fruit. Our new rNPV-based valuation, updated to reflect H122 results and the May £34.3m (gross) equity raise, is £458m (vs £434m), or 138p/share.

Market information

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New data draws attention to promising fibrosis assets
Update | 07 Oct 2022
All the ingredients for success now in place
Update | 29 Jun 2022
Jazz Pharmaceuticals $5m milestone triggered
Lighthouse | 15 Jun 2022

Recent News

Poster to be presented at IBD Nordic Conference
17 Nov 2022
RXC004 Phase II combination arms to open enrolment
10 Nov 2022
Poster on RXC007 potential in fibrotic diseases at AFDD
07 Nov 2022
Poster on Phase I RXC004 combination arm data at SITC
03 Nov 2022