£25.5m placing extends runway to end-2022
Lighthouse | 2 December 2020
Trinity Delta view: We believe Redx Pharma has an attractive, and well balanced, clinical portfolio; an enviable track record of delivery; and well-respected management. In our September 2020 Initiation we described Redx’s strategy of developing either “first in class” or “best in class” compounds and how the two lead assets, the porcupine inhibitor RXC004 in oncology and ROCK2 inhibitor RXC007 for fibrosis indications, are set to progress to key proof of concept trials. The new funds provide the resources to maintain the momentum of the existing clinical pipeline, in particular allowing for completion of the RXC004 Phase II programme, and to progress earlier stage assets. Our prior Redx valuation of £296m, or 152p per share (92p fully diluted), and our published forecasts will be updated to reflect the fundraise as soon as practicable.
2 December 2020
|Primary exchange||AIM London|
Redx Pharma specialises in the discovery and early clinical development of small molecule therapeutics, with an emphasis on oncology and fibrotic disease. Typically, these are progressed through proof-of-concept studies and then partnered for further development. The strategy has been validated by several collaborations.
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