On March 21, 2017 Redx (AIM: REDX) reported its results for the year ended 30 September 2016 (Press release, Redx Pharma, MAR 21, 2017, View Source [SID1234524746]):
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Discovery engine delivers two assets to progress into clinical stage from extensive pipeline
Strategic refocus — Redx restructures to become a research and development focused company
£12 million gross raised post the period end and £10 million gross raised in March 2016
Pipeline produces first development assets
RXC004 — our best-in-class Porcupine inhibitor
Development candidate nominated for pancreatic, biliary and gastric cancer
Shown to have the potential to be used in combination with other immune-oncology products such as immune checkpoint inhibitors (anti-PD-1), with data presented at EORTC-AACR meeting in November 2016
Scheduled to enter first-in-human studies post clinical trial application (CTA) submission in Q2
Potential to treat fibrotic disease being investigated
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) post -period
Pre-clinical profile presented at ASH (Free ASH Whitepaper) meeting in December 2016
Investigational new drug (IND) application and CTA to be filed around the end of 2017
Strategic Refocus
Redx will refocus its business to concentrate on its key assets in oncology and immunology, namely Porcupine and BTK
Anti-infectives research proposed to continue only under external collaborations
Redx remains committed to discovery research, but at a reduced investment level
Head count will be significantly reduced by around 86 positions. This equates to an approximately 60% reduction in staff
Key Financials
Net cash at 30 September 2016: £5.8m (2015: £9.4m)
Other operating income: £2.4m (2015: £2.6m)
Changes to the Board of Redx Pharma
The Board has received notifications from two directors, Dr Frank M. Armstrong, Chairman of the Board of Directors and Mr Peter McPartland, Non-Executive Director, have decided not to stand for re-election at the upcoming Annual General Meeting for shareholders. Dr Peter Jackson, Non-Executive Director, co-founder of Redx and Executive Chairman up to August 2014, will be stepping down from the Board on 31 March 2017.
Neil Murray, Chief Executive of Redx Pharma Plc, commented, Redx has created a world-class capability in small molecule drug discovery in oncology and immunology. We have a strong research engine that continues to deliver an innovative pipeline, but we must now shift our focus towards developing our key portfolio assets, specifically our Porcupine and BTK programs for hard to treat diseases. To reflect this new focus, we are reorganizing our business, including plans to reduce headcount.
On behalf of the Board of Redx I would like to thank Dr Frank M. Armstrong, Dr Peter Jackson and Mr Peter McPartland for their immense contributions to the success of Redx, both as a private and as a public company. Dr Peter Jackson has worked tirelessly for Redx since he helped found the business. I would also like to extend my personal thanks to Frank, Pete and Peter for the support they have given me and for the highly professional way in which they have carried out their roles.
Dr Frank M. Armstrong, Chairman of Redx Pharma Plc, added, I am pleased to have been a part of Redx, guiding the Company through the transition from private to public markets. Redx has made substantial progress with the portfolio since the IPO and I look forward to the Company’s continued progress as it makes this critical transition to clinical development and wish the Management, staff and shareholders every success for the future.