Redx income rises to £2.8m

DRUG discovery and development company Redx Pharma is expecting its total income for the financial year ended September 30 to be £2.8m.

The Liverpool and Alderley Park-based firm is reporting good progress over the second half of the financial year with expenditure in line with budgets and income growing from £2m in the first six months to March 31.

The group’s cash balance at the year-end is expected to be approximately £9.4m.

Redx, which several weeks ago announced a cancer research collaboration with international life science group Horizon Discovery Group to develop a pan-RAF inhibitor programme for colorectal cancer – the fourth most common cancer and the second most cause of deal from the disease in the UK – is in “encouraging discussions” over further commercial collaborations.

A company statement said its oncology and anti-infectives research programs have continued to progress well.

“Within anti-infectives, a new compound designed to tackle MRSA began pre-clinical testing in the second half and this is advancing well,” it said.

“The Redx immunology subsidiary, launched in May and supported by £4.2m of Regional Growth Fund grant, is focused on developing new therapies for disorders of the immune system.

“It has completed the recruitment of key personnel and identified its initial research areas. This new subsidiary has synergies with Redx’s oncology activities and gives the group an enhanced presence in an exciting area of research with strong commercial appeal.”