On August 27, 2026 Redx Pharma Ltd ("Redx") the clinical-stage, biotechnology company focused on developing novel, small molecule, targeted medicines for fibrotic disease reported completion of its Series A financing of $36 million. The Company is also pleased to confirm a new Board composition, with Andrew Sinclair, Managing Director of Abingworth joining as Investor Director and Bernard Coulie, M.D, joining as an Independent Director.
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The Series A financing was led by Abingworth, with participation from other new investors including British Business Bank1 , as well as the Company’s current major shareholder, Redmile. As detailed in the Company’s joint announcement with Skye Bioscience, Inc. ("Skye") (Nasdaq: SKYE) on 14 August, 2026, this Series A financing was announced as part of a larger financing and transaction between the companies. In connection with the transaction, it is proposed that Skye will acquire the entire issued share capital of Redx via a scheme of arrangement under Part 26 of the U.K. Companies Act 2006 (the "Transaction"). Upon completion of the Transaction, the combined company will be led by Redx’s current management team and Board and plans to operate under the name Fibrx Therapeutics, Inc. and trade on Nasdaq.
The British Business Bank is helping to anchor Redx and its world-class drug discovery and talent to the UK’s leading scientific ecosystem. While the Nasdaq listing will provide access to a deep pool of global capital, the company will retain its UK roots, and its headquarters and research will continue to be led from its base in Alderley Park, Cheshire, the UK’s largest single-site life sciences campus.
The Series A financing, together with the concurrent private placement ("PIPE financing") entered into by Skye with Abingworth, British Business Bank and Redmile, each of whom invested in both the Series A and PIPE financing, as well as a syndicate of new investors, including NEXTBio and 5AM Ventures, will provide the combined company with an aggregate total financing of approximately $125 million in gross proceeds. The proceeds of the financing will support the advancement of Redx’s lead asset, RXC008, a gut-restricted pan-ROCK inhibitor for fibrostenotic Crohn’s disease (FSCD) into a Phase 2 clinical study.
Andrew Sinclair, Managing Director, Abingworth commented: "At Abingworth, we look to back exceptional teams and truly differentiated biology that can fundamentally reshape patient care. Fibrostenotic Crohn’s disease is one of the largest areas of unmet need in IBD. The data generated by Redx with RXC008 to date, suggest that this novel pan-ROCK inhibitor could have a significant impact in mitigating FSCD pathology and we are delighted to partner with the Company and the other members of the investment syndicate to fully explore this drug candidate’s potential."
Charlotte Lawrence, Managing Director and Head of Direct Equity at the British Business Bank, said: "Redx is an example of the pioneering science emerging from North West England. With RXC008, the company has the potential to develop an entirely new category of treatment for a patient population that today has limited options. This investment will support Redx as it advances a potentially transformative treatment, while helping ensure that the company’s innovation, talent and intellectual property remain rooted in the UK."
As a result of the Series A financing closing and following approval by Redx’s shareholders on 14 August 2026, the convertible loan notes issued pursuant to a note purchase agreement entered into on 29 June 2020 and the A1 ordinary shares in Redx were converted into ordinary shares. The convertible bridging loan notes issued on 16 April 2026 were converted into Series A shares. Following the conversion, the current number of Redx shares in issue and the number of total voting rights count is 707,228,330. Redx shareholders should use this number as the denominator for any calculations relating to their holding in Redx.
Changes in Board Composition Reflect Investor Base and Increase Fibrosis Expertise
As the Series A financing has now closed, the following changes to the Redx board of directors (the "Board") have become effective: Andrew Sinclair joins the Board as the Investor Director representing Abingworth, with Natalie Berner of Redmile retaining her seat as an Investor Director. Jeremy Green of Redmile remains as chair of the Board. Claire Catherinet, previously an Investor Director representing Sofinnova, has stepped down from the Board. Bernard Coulie M.D, PhD, the current CEO of Pliant Therapeutics, Inc. joins the Board as an Independent Director, bringing clinical experience as a gastroenterologist together with a wealth of knowledge in clinical development of novel anti-fibrotic therapies. Peter Presland and Dr Bernard Kirschbaum will remain on the Board as Independent Directors, together with Lisa Anson, CEO, who is an Executive Director.
"We are thrilled to have completed this Series A financing and to welcome new investors including Abingworth and British Business Bank as shareholders. We also appreciate the continued strong support from our major shareholder, Redmile. Importantly, the appointment of Bernard Coulie to the Board will provide invaluable clinical and strategic insights as we progress our pipeline of novel anti-fibrotic drug candidates through development" commented Lisa Anson, CEO, Redx. "This financing is an important catalyst for the Company and will allow us to commence our Phase 2 programme for our lead asset, RXC008 for patients living with FSCD, enabling us to drive the next phase of the Company’s growth."
RXC008, A Novel Gut-restricted pan-ROCK Inhibitor
Rho-associated coiled-coil forming protein kinase (ROCK) is well established as an antifibrotic target and is known to consist of two isoforms ROCK 1 and 2. RXC008 is a potent, oral, small molecule non-systemic ROCK1/2 inhibitor that avoids the significant cardiovascular side effects of systemic pan-ROCK inhibitors, including tachycardia and hypotension, by being restricted to the GI-tract via high efflux and low permeability. This results in virtually no systemic breakthrough, with the molecule being rapidly metabolised by paraoxonase enzymes in the plasma should any breakthrough occur. Data from the Phase 1 study showed good tolerability and tissue exposure with no clinically relevant breakthrough or hypotension observed, and a good safety profile with no serious adverse events. RXC008 has an open IND in the US and was granted FDA fast track designation in January 2026. RXC008 is now ready to commence a Phase 2 clinical study, with topline data expected in mid-2028.
About Fibrostenotic Crohn’s Disease (FSCD)
Crohn’s disease affects 1.7m2 people globally and >70,000 new cases are diagnosed each year. More than 50% of patients with Crohn’s disease can develop significant fibrosis and stricture formation within ten years after diagnosis3 ; this fibrosis associated with Crohn’s disease is known as fibrostenotic Crohn’s disease. The current management of fibrotic strictures of the gastrointestinal tract is primarily surgical as no drugs are specifically approved to tackle fibrosis, which can progress despite intervention with current standard of care anti-inflammatory therapies. Once a patient is suffering from FSCD, healthcare costs increase by an additional >$80k4 per patient per year due to additional hospitalizations and treatment versus Crohn’s disease, creating a health economic burden in this area of high unmet need.
(Press release, Redx Pharma, AUG 27, 2026, View Source [SID1234670413])