Redx hails rapid progress
DRUG development compamy Redx Pharma has hailed a year of progress as it released its first full year results since its AIM-listing last March.
Despite pre-tax losses more than doubling from £4.3m to £8.8m, founder and chief executive Dr Neil Murray said the board is “very confident” in the prospects for the business.
“We’ve made fantastic progress across the pipeline, it’s really maturing very well and we expect four of our programmes to be in clinical trials by the end of 2016 or early 2017.”
Redx’s most advanced prospects are focused around skin cancer, blood cancers and auto-immune diseases (MRSA). Post year end it revealed that its Porcupine program, focused on hard-to-treat cancers, was also moving advancing.
Having floated the business and launched a third division focused on immunology in the year to the end of September, Murray said the focus for the current financial year is on “driving the pipeline” and looking at striking more commercial deals to take the business forward.
He added: “In our existing research areas in oncology and anti-infectives, we achieved in vivo proof of concept in a further two programs and progressed three drug candidates into formal pre-clinical development. We look forward to building on this success in 2016 as we also look to secure further commercial partnerships and broaden Redx’s capability and asset base.”
Located in Liverpool and Alderley Park, Cheshire, Redx employs 145 people.
Having raised £13.4m after expenses in the AIM IPO last year, Dr Murray said Redx would return to the public markets if necessary.
“One of the reasons we did the IPO was to be able to access funds on the public market. I think the critical thing is being to able to present to investors that you can create value for them.”
