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 two in-house clinical programmes, of which RXC004, a Porcupine inhibitor, is poised to start Phase II trials. Data from the Phase I monotherapy study were presented at ESMO showing RXC004 to be safe and well tolerated at doses up to 2mg. Treatment related adverse events were dose-related and in line with the “on-target” effects of Porcupine inhibition. While the 25 patients studied were not genetically selected, there were encouraging signals of activity in those with Wnt ligand driven tumours, with five of seven such patients showing stable disease. The Phase II programme will evaluate activity in Wnt ligand driven tumours in pancreatic, biliary, and MSS metastatic colorectal cancers. Redx’s last reported cash of £39.9m provides funding through to end-2022, covering several important value inflection points. Our current rNPV-based valuation is £350.7m, equivalent to 128p/share; start of RXC004 Phase II studies would prompt an increase to £398.8m, or 145p/share.

Market information

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R&D update: RXC004 and RXC007 in the spotlight
Lighthouse | 12 Oct 2021
ESMO 2021: RXC004 monotherapy Phase I study results
Update | 21 Sep 2021
Kadmon acquisition has read across for RXC007
Lighthouse | 08 Sep 2021

Recent News

Redx to receive $9m milestone from AstraZeneca
23 Dec 2021
Redx to receive $10m milestone from Jazz
09 Dec 2021
Partnership with Caris Life Sciences
06 Dec 2021
First patient dosed in RXC004 Phase II trial in mCRC
15 Nov 2021