Pharma business reports better sales and reduced annual losses
Redx Pharma, the Cheshire drug discovery business, increased revenues and narrowed its pre-tax profits, it revealed in results for the year to September 30, 2019, today.
Turnover rose from £129,000 to £3.1m, while a pre-tax loss of £6.335m compared with a £10.146m pre-tax loss the previous year.
Its cash balance at September 30, 2019 was £3.7m, down from £6.5m in 2018.
The Alderley Park-based business said it had made strong progress in delivering a pipeline in cancer and fibrosis assets. Its lead programme, a novel orally-bioavailable porcupine inhibitor, is on track to report phase 1/2a clinical study results the second half of this year, and post-period, it achieved a £26.3m funding package with Redmile Group and Sofinnova Partners.
Redx said that, in a year of strong strategic and scientific progress, it is delivering on its strategy of discovering and developing novel drugs with the potential to transform the treatment of cancer and fibrosis.
Iain Ross, non-executive chairman, said: “This set of results and operational update demonstrates that the Redx management team has made considerable strategic and scientific progress during the year against our commitment to create high value drugs that treat significant unmet need in cancer and fibrosis.
“Progress on the lead asset, RXC004, is promising and the nomination of two new fibrosis development compounds demonstrates, yet again, the team’s prowess in medicinal chemistry.
“The board is committed to strengthening the group’s balance sheet in the short term and following active discussions with shareholders, advisers, third party sector specialist investment groups and potential industry partners regarding funding we were pleased to recently announce a proposed funding package with two established specialist healthcare and life sciences investors, Redmile Group and Sofinnova Partners.
“We will be making further announcements on this in due course.”
Chief executive Lisa Anson added: “I am pleased to report on the progress made by Redx.
“The phase 1/2a clinical trial of our promising lead cancer asset, RXC004, an oral porcupine inhibitor, remains on track to deliver results in H2 2020.
“We remain confident that this programme can unlock the potential of the Wnt pathway as a means to tackle unmet needs in a number of cancers.
“We have also built a leading position in fibrosis with the nomination of two development candidates: RXC006, a novel porcupine inhibitor, and RXC007 a selective ROCK2 inhibitor.
“Both are on track to enter the clinic in 2021 as potential treatments for idiopathic pulmonary disease, a progressive, orphan disease with limited treatment options with subsequent potential to treat a much broader range of fibrotic conditions, including liver fibrosis.”
