RXC007 recruitment scales up; data now Q124
Lighthouse | 9 February 2023
Trinity Delta view: We view the ROCK programmes, RXC007 and RXC008, as particularly promising in the treatment of a variety of fibrosis conditions. In previous notes we described how RXC007’s profile has the potential to become a major element in a broad range of fibrosis indications, including IPF and ILDs, and how it is increasingly seen as a key component of Redx Pharma’s investment case. We believe Sanofi’s Rezurock effectively de-risks the ROCK pathway and Pliant Therapeutics’ share price attests to investor interest in fibrosis indications. Whilst we acknowledge this study is still only a Phase IIa trial, the data should provide invaluable insights into RXC007’s clinical and commercial positioning. Our valuation remains £461m (or $553m), equivalent to 138p per share.
9 February 2023
|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 value creation.
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