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 has an impressive portfolio of ROCK programmes, with a clear focus on serious and debilitating fibrotic diseases. The lead compound, RXC007, is a next-generation ROCK2 inhibitor in Phase IIa trials for IPF (idiopathic pulmonary fibrosis). Top-line results, expected in H124, should provide invaluable data on its clinical, and commercial, potential and guide future studies. RXC008, a highly novel GI-targeted ROCK inhibitor, is progressing towards IND/CTA submission by end-2023 for fibrostenotic Crohn’s disease. A second clinical asset, RXC004, a porcupine inhibitor for Wnt-ligand dependent solid tumours, is completing Phase IIa studies in combination with a CPI with the results from these important trials expected by end-2023. Cash of £34.6m (end-March 2023) provides a runway into Q1 2024, beyond RXC007 Phase II data. Our updated rNPV-based valuation is £363m, or 109p/share.

Market information

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Two key Phase II results on track for next 12 months
Update | 18 May 2023
ROCK solid start in cancer-associated fibrosis
Lighthouse | 11 May 2023
Fundamentals intact with catalysts on the horizon
Lighthouse | 04 Apr 2023

Recent News

Zelasudil (RXC007) granted FDA Orphan Drug Designation
21 Aug 2023
Extension to CLN
10 Jul 2023
Interim H123 results for the six months ended 31 March
17 May 2023
RXC007 preclinical data
11 May 2023