Redx Pharma PLC (AIM: REDX) announced that its primary asset, RXC007, is successfully moving through phase IIa testing, with anticipated results from the idiopathic pulmonary fibrosis research due in the initial quarter of the coming year.
The company also indicated that a second drug, RXC008, is set to apply for clinical trial authorization in the latter half of this year.
Redx CEO Lisa Anson, alongside the release of the company’s mid-year results, expressed anticipation for the critical RXC004 phase II combined data slated for the end of 2023. She further noted the company’s strong position to generate numerous near-term value inflexion points.
The company missed an opportunity to merge with Jounce Therapeutics (NASDAQ: JNCE), which could have given Redx a listing in the US and access to more than £100mln in additional funding. Redx is now looking into different strategies to extend its financial runway beyond the initial quarter of the upcoming year. As of March 31, 2023, the company had slightly less than £35mln in its accounts.
The interim results showed Redx’s substantial investment in drug development, registering a loss for the period of £20.8mln, with £16.1mln attributed to research and development.
CEO Anson stated, “In the six months leading up to 31 March 2023, the company has focused on our industry-leading ROCK portfolio, where we have achieved substantial progress.”
