In administration Redx Pharma gets clinical trials approval

Drug discovery and development company Redx Pharma – itself fighting for survival – has received approval of clinical trials for its treatment for people suffering from gastric, biliary and pancreatic cancer.

The AIM-listed company which relocated from Liverpool to Alderley Park in late 2016, but which was forced into administration last month, has been given clearance by the UK Medicines and Healthcare Products Regulatory Agency (MHRA) and Ethics Review Committee for its clinical trial application for the Porcupine inhibitor RXC004.

RXC004 is an oral, small molecule Porcupine inhibitor in development as a monotherapy for difficult to treat cancers.

Iain Ross, non-executive Chairman, said: “Receiving regulatory approval to advance our first programme into clinic is a major step forward in Redx’s development.  We believe that RXC004 has great potential to treat some very challenging cancers that currently have very poor prognosis.”

Meanwhile, administrators Jason Baker and Miles Needham of FRP Advisory are continuing to work on a rescue deal to return control of the company to its directors, following suspension of its shares last month.

They were called in by Liverpool City Council following an ongoing dispute over a £2m loan that matured at the end of March.