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 portfolio, targeting diverse and underserved fibrosis indications, is central to its investment case. The Phase IIa trial of 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 immune mediated interstitial lung diseases (ILDs) and cancer-associated fibrosis. Its second ROCK asset, GI-targeted ROCK inhibitor RXC008, is on track to initiate its first Phase I study in early-2024, following the recent CTA submission, for development in fibrostenotic Crohn’s disease. Other H124 events include Phase II checkpoint inhibitor combination data for porcupine inhibitor RXC004 in Wnt-ligand dependent tumours, which will be a prelude to partnership discussions. The c £14m (gross) October raise extends the cash runway into Q3 2024, covering these important inflection points. Our rNPV-based valuation is £367m ($441m), equivalent to 94p per share.

Market information

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Up to $870m KRAS deal marks third Jazz collaboration
Lighthouse | 07 Feb 2024
Anticipating clinical momentum and catalysts in 2024
Update | 19 Dec 2023
New funds provide runway through 2024 catalysts
Lighthouse | 18 Oct 2023

Recent News

Jazz Pharmaceuticals acquires KRAS programme
07 Feb 2024
FY23 Results
15 Dec 2023
Presentation of preclinical RXC009 data
06 Nov 2023
Preclinical RXC009 data to be presented at ASN
30 Oct 2023