Redx listed and commenced trading on AIM on Friday following a £15 million placing.
Created in 2010, Redx is focussed on improving the characteristics of existing drug classes to create highly differentiated ‘best in class’ new drugs, primarily in cancer and infectious disease.
Redx aims to capitalise on the growing need of established large pharmaceutical companies to replenish their drug development pipelines as well as helping emerging pharmaceutical companies diversify their existing pipelines.
Their work to date has been endorsed by partnerships with global pharmaceutical companies and the NHS, including a two year research collaboration and option agreement with AstraZeneca UK Limited, focusing on an undisclosed oncology drug candidate, signed in August 2014.
They currently have four programmes which have achieved pre-clinical proof of concept, in the areas of MRSA, bone tumours, skin cancer and brain and blood cancers, as well as an extensive pipeline of proprietary drug candidates. As Redx continues to grow, the Directors believe that the Group should have the opportunity to develop additional valuable pipeline assets in current and new therapeutic areas.
The net proceeds of the Placing will be used to progress the Group’s current pipeline of oncology and infectious disease assets and support the launch of a third subsidiary focused on immunology.
Neil Murray, Chief Executive Officer of Redx, commented:
“I am delighted that Redx has joined AIM and, at the same time, successfully raised some £15m of new funding. The Company is now embarking on the next stage of its development and we believe that prospects are exciting.
Our business model is to improve on existing drug classes and to partner early, and in doing so establish Redx as a highly attractive pipeline generator for large pharma and emerging life science companies. We already have a pipeline of potential drug candidates, with our focus on areas of high unmet need in cancer and infection. The new funds we have raised will support the ongoing development of our pipeline as well as the launch of a third therapeutic area focused on immunology. Meanwhile our objective of the Company attaining early profitability remains.”