On May 17, 2017 Redx (AIM: REDX) reported its interim results for the six months ended 31 March 2017 (Press release, Redx Pharma, MAY 17, 2017, View Source [SID1234524750]):
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Clinical trial application filed for Porcupine inhibitor RXC004
Development candidate chosen for reversible BTK inhibitor RXC005 for drug resistant chronic lymphocytic leukaemia
Strategic restructuring completed post period; estimated £4.2 million annual cost saving
Iain Ross appointed as Non-Executive Chairman of the Board from 1 May 2017
£12 million gross raised in March 2017, including a subscription with a related sharing agreement
Pipeline highlights
RXC004 — our "best-in-class" Porcupine inhibitor
Clinical trial application (CTA) filed post period in April
Scheduled to enter first-in-human studies upon CTA approval
Shown to have the potential to be used in combination with immune checkpoint inhibitors (anti-PD-1)
RXC005 — our "best-in-class" reversible BTK inhibitor
In vivo proof of concept achieved for the reversible BTK program
Development candidate nominated for drug resistant chronic lymphocytic leukaemia (CLL)
Pre-clinical profile presented at ASH (Free ASH Whitepaper) meeting in December 2016 and iwCLL in May 2017
Investigational new drug (IND) application and CTA to be filed around the end of 2017
Other highlights
Fibrotic disease selected as core immunology research area
Redx acquired the locally acting Rho kinase (ROCK) inhibitor AMA0825 from Amakem NV in March 2017 for an undisclosed amount. ROCK is a promising anti-fibrotic target and AMA0825 is at late lead optimisation stage
Redx was awarded US$1 million competitive grant by CARB-X to enable the Company to advance its Gram-negative anti-infective program with a prospective partner
Key Financials
Net cash at 31 March 2017: £5.1m (2016: £4.4m)
Comprehensive loss: £10.7m (2016: £7.1m)
Strategic refocus expected to deliver annual cost savings of £4.2 million
Dr Neil Murray, Chief Executive Officer of Redx Pharma, commented, "Redx Pharma is now optimally positioned to capitalise on the potential of its world class discovery engine with the transition to clinical development of our two best-in-class assets RXC004 and RXC005 in oncology. I am also excited by the potential of our pipeline in fibrosis, bringing novel medicines to areas of severe unmet need. We look forward to announcing the start of our first clinical trial with RXC004 and to building greater value for our shareholders as a clinical stage business."
Iain Ross, Chairman of Redx Pharma, added,"I have been impressed by the potential of Redx Pharma’s science, approach to drug discovery and the speed with which the Company has created a world class pipeline of best-in-class products. Following the recent re-structuring of the organisation we are now focused on implementing an aggressive strategy to accelerate the "realisation of value" by progressing the clinical and commercial development of our lead programs and maximising the long term potential of the pipeline. I am delighted to be working with the Redx team."