£34.3m raise extends runway through key data points
Lighthouse | 7 June 2022
Trinity Delta view: Successfully raising money against a challenging environment for the sector, coupled with the current macroeconomic backdrop, is a testament to strength of the Redx Pharma investment case. Doing so without a share price discount and raising more than expected suggests the quality of the equity story is beginning to be truly appreciated. The fund raise removes a financial overhang, providing an extra year of cash runway through to key data points. We believe Redx Pharma has a well-balanced clinical pipeline of in-house and partnered assets that should provide a stream of news flow over the next 12-18 months as development progresses. The quality of the discovery engine should also deliver three wholly owned IND assets by 2025. We intend to review our rNPV model following this placing and issue a revised valuation as soon as practicable.
7 June 2022
|Primary exchange||AIM London|
Redx Pharma specialises in the discovery and development of small molecule therapeutics, with an emphasis on oncology and fibrotic diseases. It aims to initially progress them through proof-of-concept studies, before evaluating options for further development and potential value creation.
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