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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All the ingredients for success now in place
Update | 29 Jun 2022
Jazz Pharmaceuticals $5m milestone triggered
Lighthouse | 15 Jun 2022
£34.3m raise extends runway through key data points
Lighthouse | 07 Jun 2022

Recent News

Preclinical RXC007 data at ERS 2022
31 Aug 2022
Preclinical data at ECM 2022
27 Jun 2022
H122 interim results
23 Jun 2022
Pan-RAF inhibitor to enter clinic
15 Jun 2022