Redx pleased with progress in busy first half

PHARMACEUTICAL development firm Redx said it was “pleased with progress” as it posted its first half-year figures since listing on AIM.

The Liverpool and Alderley Park-based group, which raised £15m in March, increased its interim loss from £2m to £3.3m on revenue of £5.5m (£5.2m in 2014.)

RedX is working in three main areas – oncology, immunology and anti-infectives.

Chief executive Dr Neil Murray said: “There are no great surprises in these results. We are pleased with the progress we have made since the IPO and how the pipline is developing.”

He said the company has three new treatments “neck and neck” in terms of their progress in getting to market. They are a skin cancer programme, a treatment for blood cancer and finally a new candidate to treat MRSA.

Murray added: We already have an extensive pipeline of potentially best-in-class drug therapies across cancer and anti-infectives, and over the last nine months have identified a further two drug development candidates. These include our first drug development candidate designed to tackle MRSA, the bacterium which causes potentially lethal infections in humans, which is a significant milestone for our commercial partnership with the NHS.

“The launch of our third subsidiary, Redx Immunology, in May 2015, which has synergies with our existing immuno-oncology programs, is an exciting development. We expect to generate additional pipeline assets from its research activities and further partnering and licencing deals in due course.”

Murray said he was pleased with the recent uplift in Redx’s share price.

“I remain very optimistic about the opportunities available to us and Redx’s admission to AIM and share placing at the end of March will help to support our ambitious plans for our ongoing development,” he added.