Drug discovery firm emerges from roller coaster year with £13.9m
Drug discovery company Redx Pharma has emerged from what it describes as “an extraordinary 12 months” with £13.9m on its balance sheet with no liabilities or loans outside the normal course of business.
The Alderley Park, Cheshire-based company, which specialises in drugs that treat significant unmet need in cancer and fibrosis, entered administration in May, only to exit as a going concern in November.
Announcing its financial results for the year ended September 30, Redx reflected on a “strategic refocus” which resulted in a substantial head-count reduction in March.
Total revenue for the year is £30.5m while the company has emerged from a £15.5m loss in 2016 with a profit of £1.5m. Its cash balance at September 30 was £23.8m.
Executive chairman Iain Ross said: “After a very challenging period, Redx emerged from administration in November a stronger, leaner company led by a strengthened management team and with a revised strategic direction and a cash runway through to early 2019.
“We are now focused on the creation of high value, first or best in class drugs that treat significant unmet need in cancer and fibrosis.
“The clinical trial application for our porcupine inhibitor, RXC004 for hard to treat cancers was approved in June and we look forward to moving this product into the clinic during the first quarter of 2018.
“Meanwhile, our dual Rock1/2 inhibitor programme, for the treatment of fibrosis associated with inflammatory bowel disease, is in late stage lead optimisation and a development candidate is due to be announced in mid-2018.”
