http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Tue, 30 May 2017 04:38:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Redx Pharma shares suspended as Liverpool City Council calls in loan ]]> http://www.proactiveinvestors.co.uk/companies/news/178308/redx-pharma-shares-suspended-as-liverpool-city-council-calls-in-loan-178308.html Trading in the shares of Redx Pharma Plc (LON:REDX) has been suspended after the drug discovery company was forced into administration.

Liverpool City Council (LCC) has called in a £2mln loan that was made to RedX Oncology, a subsidiary of Redx, and Redx was unable to stump up the money.

Redx professed bewilderment at the timing of LCC’s move. It had been in talks with the council regarding the restructuring of the loan arrangement, but had been unable to reach agreement.

The company has been actively seeking to secure alternative sources of finance in order to facilitate repayment of the loan as soon as possible, and has offered LCC an immediate payment of £1 million in return for a short grace period in which to repay the outstanding amount. This offer was rejected.

FRP Advisory was appointed as administrators to the company on Wednesday afternoon.

"The timing of this action by LCC and its advisers FRP is extremely unfortunate and quite baffling,” said Iain Ross, chairman of Redx.

“The board and its advisers felt consistently confident that we could have found the appropriate solution within a short period and can't quite fathom why a creditor with whom we have had a good relationship for over five years is taking such an aggressive stance when they know, and have been provided with the evidence, that the company is making excellent progress on all fronts,” Ross said.

“The company, which now comprises 84 employees, has two incredibly important state of the art cancer programmes, which will shortly commence clinical development in seriously ill patients, and both these assets are attracting significant partnering interest from a number of large pharmaceutical companies. Despite this and our assurances to resolve the matter quickly, LCC has refused to meet with me or to have any direct discussion," Ross said.

A spokesman for FRP Advisory confimed members of the firm has been appointed as administrators to both Redx Pharma Plc and RedX Oncology.

"The administrators are considering options for the group in line with their statutory duties and in the interests of creditors," the firm said.

The group's business and assets include a number of specialist oncology drugs at various stages of development, together with related intellectual property, and the administrators will be seeking to realise the assets in the interests of creditors. 

The local authority lent the money to Redx when it was based in Liverpool – it has since relocated to Cheshire and, according to the Liverpool Echo, the council said it lent the money to support Redx’s business expansion plans in the city.

The loan term was initially three years, but the council extended to five, but its patience now appears to have run out, with Liverpool mayor Joe Anderson claiming the company has shown “no willingness to make any repayment of any size during this period – despite it raising substantial funds from shareholders over the past few years”.

READ Redx Pharma unveils plans to raise up to £14.9mln to accelerate drug development plans

That does not tally with chairman Ian Ross’s claim that the company had offered to make an immediate payment of £1mln.

The loan was due to be repaid in full at the end of March and according to the Liverpool Echo, the council claims “no contact was made by the company” in the run-up to that deadline.

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Thu, 25 May 2017 15:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178308/redx-pharma-shares-suspended-as-liverpool-city-council-calls-in-loan-178308.html
<![CDATA[RNS press release - Statement re. Suspension ]]> http://www.proactiveinvestors.co.uk/companies/rns/170524redx1689g/ Wed, 24 May 2017 18:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170524redx1689g/ <![CDATA[Media files - Redx Pharma 'in a very good place with great assets' - CEO Neil Murray ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7474/redx-pharma-in-a-very-good-place-with-great-assets-ceo-neil-murray-7474.html Wed, 17 May 2017 15:11:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7474/redx-pharma-in-a-very-good-place-with-great-assets-ceo-neil-murray-7474.html <![CDATA[News - Redx Pharma in possession of two very valuable assets, Cantor Fitzgerald believes ]]> http://www.proactiveinvestors.co.uk/companies/news/177905/redx-pharma-in-possession-of-two-very-valuable-assets-cantor-fitzgerald-believes-177905.html Redx Pharma PLC (LON:REDX) said it expects to continue the good progress made across its research programmes this year.

The company, which restructured in March, saving £4.2mln a year, and focused its efforts on its key assets in oncology and immunology, said it has the funds to continue work on its promising pipeline following the share placing and subscription a couple of months back.

The cash position stood at £5.1mln at the end of March, up from £4.4mlm a year earlier.

WATCH: Redx Pharma 'in a very good place with great assets', says CEO

Iain Ross has only been in the chair since the beginning of May but the non-executive chairman said he had 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”.

Ross said that following the recent re-structuring, Redx was now focused on implementing “an aggressive strategy” to accelerate the realisation of value by progressing the clinical and commercial development of our lead programmes and maximising the long term potential of the pipeline.

Dr Neil Murray, chief executive officer of Redx Pharma, added: "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."

As for the half-year profit & loss numbers, the company is still in the pre-revenue stage and is thus loss-making.

The loss before tax widened in the six months to to 31 March to £10.99mln from £6.64mln the year before.

“2017 is a key year for Redx with a refocusing of resources to ensure that the requisite effort is directed behind key programmes RXC004 (targeting PORC) and RXC005 (a second generation BTK inhibitor,” suggested broker Cantor Fitzgerald.

“These programmes epitomise the breadth and depth of the expertise at Redx with the BTK programme seeking to capitalise on the already well-established haematological cancer market while the PORC programme seeks to deliver a novel approach targeting difficult to treat cancers and potentially also taking Redx into the highly topical fibrosis field,” it added.

“PORC is scheduled to move into the clinic shortly which is clearly a significant achievement for the company. With the BTK programme set to follow later in 2017, Redx will be in full possession of what we believe to two very valuable (multi $bn potential) clinical stage assets,” the broker declared, as it reiterated its ‘buy’ recommendation and 105p target price.

Shares in Redx were up 1.9% at 33.5p in mid-morning trade.

---adds broker comment and share price---

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Wed, 17 May 2017 08:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177905/redx-pharma-in-possession-of-two-very-valuable-assets-cantor-fitzgerald-believes-177905.html
<![CDATA[RNS press release - Interim results for six months ended 31 March 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/170517redx3516f/ Wed, 17 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170517redx3516f/ <![CDATA[News - Redx Pharma moves higher as it reveals more “potent efficacy data” for leukaemia drug ]]> http://www.proactiveinvestors.co.uk/companies/news/177774/redx-pharma-moves-higher-as-it-reveals-more-potent-efficacy-data-for-leukaemia-drug-177774.html Shares in Redx Pharma Plc (LON:REDX) jumped more than 7% on Monday morning after it confirmed it will make a clinical trial application (CTA) and investigational new drug (IND) application for its RXC005 leukaemia treatment later this year.

The confirmation comes after the drug researcher and developer presented further “potent efficacy data” at the prestigious 17th International Workshop of Chronic Lymphocytic Leukaemia (iwCLL) in New York over the weekend.

READ MORE: Cash influx will help Redx develop promising pre-clinical drug candidates

RXC005 – a Bruton’s tyrosine kinase inhibitor or BTK for short – is being designed for use in people with chronic lymphocytic leukaemia.

Importantly, it is also targeting those who have built up a resistance to the current best-in-class treatment, Imbruvica (often referred to as Ibrutinib).

The drug is being developed as a second-generation of compound which has fewer side-effects than the market leader.

RXC005 demonstrates “significant efficacy”

The data presented showed that the drug successfully inhibits wild-type BTK, mutant BTK as well as primary CLL cells.

RXC005 was also shown to be highly selective and exhibits improved target specificity against other Tec and Src kinase family members, Redx added.

“The data presented is further validation of RXC005's potential to target both wild-type and mutant BTK, an important emerging resistance mechanism in patients with CLL progression following ibrutinib treatment,” said chief scientific officer Richard Amer.

“With good target engagement demonstrated in the PK/PD studies and efficacy in mouse-models, we look forward to filing an IND/CTA in late 2017 to take RXC005 into the clinic.”

Chief executive Neil Murray added: “We are delighted to have presented further potent efficacy data for one of our lead development candidates, RXC005, at the prestigious iwCLL event in front of our peers and contemporaries.”

Shares were up 7.5% to 32.5p shortly before midday.

--Updates for share price--

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Mon, 15 May 2017 07:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177774/redx-pharma-moves-higher-as-it-reveals-more-potent-efficacy-data-for-leukaemia-drug-177774.html
<![CDATA[RNS press release - Preclinical efficacy data presented on RXC005 ]]> http://www.proactiveinvestors.co.uk/companies/rns/170515redx0714f/ Mon, 15 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170515redx0714f/ <![CDATA[RNS press release - Notice of Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/170504redx1235e/ Thu, 04 May 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170504redx1235e/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/170420redx8678c/ Thu, 20 Apr 2017 11:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170420redx8678c/ <![CDATA[News - Drug developer Redx Pharma appoints Iain Ross as new chairman ]]> http://www.proactiveinvestors.co.uk/companies/news/176643/drug-developer-redx-pharma-appoints-iain-ross-as-new-chairman-176643.html Drug developer Redx Pharma Plc (LON:REDX) said Iain Ross will become the company’s chairman effective May 1.

He has over 35 years’ experience and is currently spearheading the turnaround at AIM-listed e-Therapeutics, where he is also chairman.

Ross has boardroom roles at Biomer Technology, Premier Veterinary Group and ASX-quoted Anatara Lifesciences as well as being a director of Aldershot Town Football Club.

Previous appointments included the chairmanship of Silence Therapeutics, chief executive of Allergy Therapeutics and CEO of Quadrant Healthcare.

Welcoming the new chairman on board, RedX boss Neil Murray said: “His extensive experience in the life science sector makes him the ideal candidate to take on this role.

“I am confident that under his stewardship the company will deliver shareholder value as we transition into a clinical-stage research and development company with a focus on cancer, immunology and infection."

CLICK to receive the Proactive newsletter ]]>
Thu, 20 Apr 2017 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176643/drug-developer-redx-pharma-appoints-iain-ross-as-new-chairman-176643.html
<![CDATA[RNS press release - Appointment of Chairman ]]> http://www.proactiveinvestors.co.uk/companies/rns/170420redx7881c/ Thu, 20 Apr 2017 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170420redx7881c/ <![CDATA[RNS press release - Notice of Annual General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/170407redx9767b/ Fri, 07 Apr 2017 15:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170407redx9767b/ <![CDATA[RNS press release - Hardman: CARB-X - new strategic collaboration ]]> http://www.proactiveinvestors.co.uk/companies/rns/170403redx2638b/ Mon, 03 Apr 2017 07:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170403redx2638b/ <![CDATA[News - US$1mln grant testament to Redx Pharma’s ‘innovation and research prowess’ ]]> http://www.proactiveinvestors.co.uk/companies/news/175785/us1mln-grant-testament-to-redx-pharmas-innovation-and-research-prowess-175785.html Shares in Redx Pharma Plc (LON:REDX) boomed this week after the drug developer was awarded a US$1mln grant from a US-UK partnership set up to accelerate the development of new antibiotics.

The money from CARB-X will allow Redx to move its Gram-negative antibacterial programme into the next stage of development with a prospective partner.

City broker Cantor Fitzgerald said the grant reflects the importance of the antibiotic research being carried out by Redx.

“That this programme has attracted such an award is testament to its innovation and research prowess in the development of novel antibiotics to treat the threat from emerging resistance to Gram-negative bacteria,” wrote analyst Brian White in a note to clients on Friday.

Drug resistant Gram-negative are becoming an increasingly problematic in healthcare settings, White added.

The analyst also points out that to win the award, Redx had to go through a “highly competitive process”. Of the 168 initial applicants, only eleven firms, including Redx, received any form of funding.

“This award is important and timely given that Redx has refocused its business in order to capitalise on its close to clinic candidates in its focus areas of cancer and immunology,” said White.

“Consequently, this external funding allows this important area of research and development to continue.”

The oncology pipeline is still king though, and Redx’s RXC004 first-in-class Porcupine inhibitor programme which targets hard-to-treat cancers is scheduled to enter the clinic later this year.

RXC005 – the best-in-class BTK inhibitor – is set to start clinical trials next year.

White reckons the stock is worth 105p, almost triple its current value.

Shares closed 5% higher at 37.1p on Friday.

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Fri, 31 Mar 2017 16:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175785/us1mln-grant-testament-to-redx-pharmas-innovation-and-research-prowess-175785.html
<![CDATA[Media files - US$1mln grant is 'testament to the great science' ongoing at Redx, CSO says ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7203/us1mln-grant-is-testament-to-the-great-science-ongoing-at-redx-cso-says-7203.html Fri, 31 Mar 2017 10:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7203/us1mln-grant-is-testament-to-the-great-science-ongoing-at-redx-cso-says-7203.html <![CDATA[RNS press release - Redx Pharma awarded US$1 million grant by CARB-X ]]> http://www.proactiveinvestors.co.uk/companies/rns/170330redx0726b/ Thu, 30 Mar 2017 16:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170330redx0726b/ <![CDATA[News - Drug developer Redx Pharma receives huge vote of confidence in the form of US$1mln grant to develop its next-generation antibiotic ]]> http://www.proactiveinvestors.co.uk/companies/news/175708/drug-developer-redx-pharma-receives-huge-vote-of-confidence-in-the-form-of-us1mln-grant-to-develop-its-next-generation-antibiotic-175708.html Drug developer Redx Pharma (LON:REDX) has been awarded a US$1mln grant by a US-UK partnership set up to accelerate the development of new antibiotics that combat drug resistant Gram-negative bacteria.

The money from CARB-X will enable Redx to move its Gram-negative antibacterial programme into the next stage of development with a prospective partner.

WATCH: Grant "testament to great science", saw RedX CSO ...

Chief executive Dr Neil Murray said: “We are delighted to be collaborating with CARB-X, a truly innovative initiative that is targeting the development of new life-saving antibacterials and diagnostics.

“Receiving this grant today is testament to the great science that exists at Redx.

“This grant cements a path forward for our recently announced strategy, to secure external partners to ensure that our high quality anti-infective science will continue whilst we sharpen our focus on the clinical development of our oncology and immunology programmes.”

Redx was one of just 11 companies to receive financial backing from CARB-X, one of the world’s largest public-private partnerships.

The money will be staggered over 18 months with an option for future tiered milestone payments “to drive scientific progress against globally challenging drug resistant Gram-negative bacteria”, the company said.

CARB-X was launched by the US Department of Health and Human Services and is funded by the Biomedical Advanced Research and Development Authority and the Wellcome Trust, a UK charity.

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Thu, 30 Mar 2017 16:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175708/drug-developer-redx-pharma-receives-huge-vote-of-confidence-in-the-form-of-us1mln-grant-to-develop-its-next-generation-antibiotic-175708.html
<![CDATA[News - Redx Pharma making solid progress on cancer treatments, Cantor says ]]> http://www.proactiveinvestors.co.uk/companies/news/175242/redx-pharma-making-solid-progress-on-cancer-treatments-cantor-says-175242.html Redx Pharma Plc (LON:REDX) has enjoyed a productive year with two potentially best-in-class cancer treatments, Cantor Fitzgerald said today.

In its full year results yesterday, the drug maker reported progress of its development of its treatments.

The group's pipeline includes the Porcupine RXC004 treatment for pancreatic, biliary and gastric cancer, which will enter its first in-human studies following a clinical trial application (CTA) submission in the second quarter.

Redx is also developing leukaemia treatment BTK RXC005 and plans to make an investigational new drug application and CTA towards the end of 2017.

Cantor Fitzgerald reiterated a ‘buy’ rating on the stock and a target price of 105.0p, saying 2016 has been an “important year for Redx with solid process from the discovery engine” with molecules in focus areas of oncology and immunology.

“The first of these (a porcupine inhibitor) has overcome limitations which have blighted this approach (wnt pathway) elsewhere and is scheduled to enter the clince in mid-2017 targeting difficult to treat cancers.

“Elsewhere the BTK programme is progressing towards the clinic and remains a highly attractive asset in a very lucrative area (haematological cancers).”

Cantor said its recent £12mln fundraising has provided Redx with sufficient funds to allow it to deliver its lead RXC004 into clinic trials as well as progress the development of RXC005, which is expected to enter the clinic in early 2018.

The broker also welcomed Redx’s restructuring, which includes plans to cut jobs by 60%, to achieve estimated cost savings of about £4.2mln. 

“Redx has now refocused, is aiming to material reduce headcount (circa 60%), principally to capitalise on its clinical assets, while retaining its impressive research engine and funding its anti-infectives research through external collaborations.”

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Wed, 22 Mar 2017 16:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/175242/redx-pharma-making-solid-progress-on-cancer-treatments-cantor-says-175242.html
<![CDATA[News - Redx Pharma reveals progress on cancer treatments as it reports full year results ]]> http://www.proactiveinvestors.co.uk/companies/news/175141/redx-pharma-reveals-progress-on-cancer-treatments-as-it-reports-full-year-results-175141.html Redx Pharma Plc (LON:REDX) said its co-founder, Peter Jackson, and chairman, Frank Armstrong, are stepping down from the board as it reported its full year results.

The drug maker, which began trading on AIM in March 2015, said Jackson will resign at the end of the month while Armstrong has decided not to stand for re-election at the upcoming annual general meeting. 

The announcement came as Redx posted a loss before tax of £15.5mln in the year to 30 September, compared to £8.9mln a year earlier, as the group invested heavily in a pipeline of new products.

Watch: Redx Pharma to refocus on key assets

Its pipeline includes the development of its Porcupine RXC004 treatment for pancreatic, biliary and gastric cancer. 

The drug will enter it first in-human studies following a clinical trial application (CTA) submission in the second quarter.

Redx is also developing leukaemia treatment BTK RXC005 and plans to make an investigational new drug application and CTA towards the end of 2017.

"Redx has created a world-class capability in small molecule drug discovery in oncology and immunology," said chief executive Neil Murray.

"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."

Redx ended the year with net cash of £5.8m, compared to £9.4mln the previous year. The company generated other operating income of £2.4mln, down from the prior year’s £2.6mln, which included fund grants from the Business, Energy and industrial Strategy.

The company said it looks forward to 2017 with confidence to future developments of the business as it transitions from a pre-clinical to a clinical stage and undergoes a restructuring.

As part of the restructuring, the company plans to cut jobs by 60% to 86 positions, which will help achieve cost savings of about £4.2mln. 

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Tue, 21 Mar 2017 10:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/175141/redx-pharma-reveals-progress-on-cancer-treatments-as-it-reports-full-year-results-175141.html
<![CDATA[RNS press release - Final Results Year Ended 30 September 2016 ]]> http://www.proactiveinvestors.co.uk/companies/rns/170321redx0419a/ Tue, 21 Mar 2017 09:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170321redx0419a/ <![CDATA[Media files - Redx Pharma to refocus on key assets ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7135/redx-pharma-to-refocus-on-key-assets-7135.html Tue, 21 Mar 2017 05:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/7135/redx-pharma-to-refocus-on-key-assets-7135.html <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170307redx7880y/ Tue, 07 Mar 2017 16:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170307redx7880y/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170303redx5174y/ Fri, 03 Mar 2017 14:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170303redx5174y/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170303redx5169y/ Fri, 03 Mar 2017 14:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170303redx5169y/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170303redx5088y/ Fri, 03 Mar 2017 14:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170303redx5088y/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/170302redx4030y/ Thu, 02 Mar 2017 17:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170302redx4030y/ <![CDATA[RNS press release - Redx presentations at AACR 2017 ]]> http://www.proactiveinvestors.co.uk/companies/rns/170302redx3242y/ Thu, 02 Mar 2017 07:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170302redx3242y/ <![CDATA[RNS press release - Result of General Meeting and Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/170228redx0602y/ Tue, 28 Feb 2017 10:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170228redx0602y/ <![CDATA[RNS press release - Result of Open Offer ]]> http://www.proactiveinvestors.co.uk/companies/rns/170227redx9868x/ Mon, 27 Feb 2017 17:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170227redx9868x/ <![CDATA[Media files - ‘Rocket launcher’ technicals could see Redx Pharma shares double ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6972/rocket-launcher-technicals-could-see-redx-pharma-shares-double-6972.html Thu, 23 Feb 2017 10:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6972/rocket-launcher-technicals-could-see-redx-pharma-shares-double-6972.html <![CDATA[News - Cash influx will help Redx develop promising pre-clinical drug candidates ]]> http://www.proactiveinvestors.co.uk/companies/news/172999/cash-influx-will-help-redx-develop-promising-pre-clinical-drug-candidates-172999.html Earlier this week Redx Pharma Plc (LON:REDX) unveiled plans to raise up to £14.9mln that will be used to develop two promising pre-clinical candidates.

Just under £7.2mln of that has already been raised in the first tranche of the fundraising, with more to come once the open offer is completed.

WATCH: CEO talks about funding this ‘critical phase’ of growth at Redx

The new cash injection will allow the company to push its highly promising cancer immunotherapy drug called a Porcupine inhibitor through early clinical studies to assess its safety.

The funds will also be used to carry out work that will make its Bruton's tyrosine kinase inhibitor “clinic-ready”.

Animal rescue?

Porcupine inhibitors are a new and potentially breakthrough method of fighting cancer.

They work by targeting cancer stems cells that can often lie dormant after traditional treatment and are associated with a recurrence of the illness.

The thinking goes that if you kill the stem cells, you have a chance of eradicating the disease completely.

There is a growing bank of research that has found they may also be very effective in tandem with checkpoint inhibitors such as anti-PD-1, which lower or break cancer’s defence against the body’s immune system.

That’s why Redx announced earlier this month that the upcoming trial of its RXC004 Porcupine inhibitor will assess the drug in combination with a checkpoint inhibitor as well as deploying it as a single treatment to tackle cancer.

Redx – which is currently finalising its clinical has said that the “combination arm” to the study reflects its “belief in the validity of this approach”.

So Redx, which is currently finalising its clinical trial application here in the UK, will build in a “combination arm” to the study, “reflecting our belief in the validity of this approach”.

As it stands, Swiss pharmaceutical giant is the only drug major with a Porcupine inhibitor in the clinic.

Looking at leukaemia as well

In addition to RXC004, Redx found another candidate from its cancer drug programme towards the end of 2016.

RXC005 – a Bruton’s tyrosine kinase inhibitor or BTK for short – is being designed for use in people with chronic lymphocytic leukaemia.

Importantly, it is also targeting those who have built up a resistance to the current best-in-class treatment, Imbruvica (often referred to as Ibrutinib).

The drug is being developed as a second-generation of compound which has fewer side-effects than the market leader.

Some of the £15mln Redx has just raised will be used to carry out work that will make RXC005 “clinic-ready”.

First-in-human trials are expected to get underway before 2017 is out.

What the boss says

“Redx has made tremendous progress since its IPO two years ago and 2017 should be a pivotal year as we transition to a clinical stage company,” said chief executive Neil Murray.

“We expect our Porcupine inhibitor, RXC004, to commence first-in-human trials within the next few months.  This compound shows exciting potential as a monotherapy for difficult to treat cancers, such as pancreatic, biliary and gastric cancer, and also as a combination therapy with Checkpoint inhibitors, which use the body's immune system to attack tumours.

“We are preparing our BTK inhibitor, RXC005, for first-in-human clinical trials by the end of the year.  This drug candidate has the potential to transform the treatment of patients with chronic lymphocytic leukaemia, the most common form of adult leukaemia.

“The new funds we are raising will support the ongoing progress of these important assets as well as the rest of our pipeline and we remain very positive about Redx's prospects.”

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Fri, 10 Feb 2017 14:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172999/cash-influx-will-help-redx-develop-promising-pre-clinical-drug-candidates-172999.html
<![CDATA[RNS press release - Result of Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/170210redx6308w/ Fri, 10 Feb 2017 13:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170210redx6308w/ <![CDATA[News - Redx Pharma unveils plans to raise up to £14.9mln to accelerate drug development plans ]]> http://www.proactiveinvestors.co.uk/companies/news/172904/redx-pharma-unveils-plans-to-raise-up-to-149mln-to-accelerate-drug-development-plans-172904.html Redx Pharma Plc (LON:REDX) has unveiled plans to raise up to £14.9mln that will be used to develop two promising pre-clinical drug candidates.

The bulk of the money will come from a £12mln placing of stock with professional investors.

As part of that institutional round finance house Lanstead Capital is subscribing for shares worth around £4.3mln and will feed back the majority of the proceeds in monthly instalments.

Funds will also come from a smaller open offer tranche that allows existing investors to acquire equity on the same terms as the big City investors.

The shares are being sold for 37.5p each, which is a less than 10% discount to Wednesday’s closing price.

The new cash injection will allow the company to push its highly promising cancer immunotherapy drug through early clinical studies to assess its safety.

Called a Porcupine inhibitor it works by targeting cancer stems cells that can often lie dormant after traditional treatment and are associated with a recurrence of the illness.

Kill the stem cells and you have a chance of eradicating the disease completely.

Novartis currently is the only drug major with a Porcupine inhibitor in the clinic.

The funds will also be used to carry out work that will make its Bruton's tyrosine kinase inhibitor “clinic-ready”.

The Redx leukaemia treatment is being developed as a second-generation of compound with fewer side-effects than the market leader Imbruvica (often referred to as Ibrutinib).

Importantly, the company’s drug is targeted at overcoming resistance that patients have developed to the current gold standard drugs.

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Thu, 09 Feb 2017 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172904/redx-pharma-unveils-plans-to-raise-up-to-149mln-to-accelerate-drug-development-plans-172904.html
<![CDATA[Media files - Fundraise is about supporting Redx Pharma's next 'critical phase' of growth, says CEO Neil Murray ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6895/fundraise-is-about-supporting-redx-pharma-s-next-critical-phase-of-growth-says-ceo-neil-murray-6895.html Thu, 09 Feb 2017 07:04:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6895/fundraise-is-about-supporting-redx-pharma-s-next-critical-phase-of-growth-says-ceo-neil-murray-6895.html <![CDATA[RNS press release - Accelerated Book Build ]]> http://www.proactiveinvestors.co.uk/companies/rns/170209redx3931w/ Thu, 09 Feb 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170209redx3931w/ <![CDATA[RNS press release - Accelerated Book Build ]]> http://www.proactiveinvestors.co.uk/companies/rns/170208redx3907w/ Wed, 08 Feb 2017 18:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170208redx3907w/ <![CDATA[News - Redx Pharma confirms plans to trial a new cancer drug as a combination therapy as well as on its own ]]> http://www.proactiveinvestors.co.uk/companies/news/172275/redx-pharma-confirms-plans-to-trial-a-new-cancer-drug-as-a-combination-therapy-as-well-as-on-its-own-172275.html Redx Pharma PLC (LON:REDX) has confirmed the upcoming clinical trial of its Porcupine inhibitor, RXC004, will assess the drug in combination with a checkpoint inhibitor as well as deploying it as a single treatment to tackle cancer.

Porcupine inhibitors are a new and potentially breakthrough method of fighting the killer disease.

They work by targeting cancer stems cells that can often lie dormant after traditional treatment and are associated with a recurrence of the illness. Kill the stem cells and you have a chance of eradicating the disease completely.

There is a growing bank of research that has found they may also be very effective in tandem with checkpoint inhibitors such as anti-PD-1, which lower or break cancer’s defence against the body’s immune system.

So Redx, which is currently finalising its clinical trial application here in the UK, will build in a “combination arm” to the study, “reflecting our belief in the validity of this approach”.

Chief executive Dr Neil Murray said: "We're delighted with the excellent progress our team has made with the Porcupine inhibitor RXC004.

“As we move ever closer to the start of first-in-human clinical studies with RXC004, it is clear that not just ourselves, but key opinion leaders, competitors and potential partners are getting increasingly excited about Porcupine inhibition as an enhancer of immuno-oncology drugs.

“In addition, we are moving full speed ahead with our second Porcupine inhibitor which provides a major opportunity as a potential treatment for some debilitating fibrotic diseases."

*The Redx trial will assess the safety of RXC004 in patients as well as its potential as a single therapy for pancreatic, biliary and gastric cancers and also examine the potential synergistic effect of RXC004 combined with an anti-PD-1 agent.

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Fri, 27 Jan 2017 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172275/redx-pharma-confirms-plans-to-trial-a-new-cancer-drug-as-a-combination-therapy-as-well-as-on-its-own-172275.html
<![CDATA[RNS press release - Growing opportunity for Porcupine inhibitors ]]> http://www.proactiveinvestors.co.uk/companies/rns/170127redx2615v/ Fri, 27 Jan 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170127redx2615v/ <![CDATA[News - Redx Pharma delighted with leukaemia presentation ]]> http://www.proactiveinvestors.co.uk/companies/news/170028/redx-pharma-delighted-with-leukaemia-presentation-170028.html Redx Pharma Plc (LON:REDX) has presented pre-clinical data on its new leukaemia treatment at a key US gathering.

Neil Murray, Redx’s chief executive, said the reversible BTK inhibitor RXC005 had a compelling pre-clinical profile and he was delighted to have had the chance to present to the American Society of Hematology.

Broker Cantor Fitzgerald believes presentations such as the San Diego meeting will help Redx generate interest from potential partners for RXC005.

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Tue, 06 Dec 2016 07:59:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/170028/redx-pharma-delighted-with-leukaemia-presentation-170028.html
<![CDATA[RNS press release - Reversible BTK poster at ASH meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/161206redx0243r/ Tue, 06 Dec 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161206redx0243r/ <![CDATA[News - Redx Pharma to showcase cancer drug at prestigious Munich conference ]]> http://www.proactiveinvestors.co.uk/companies/news/169739/redx-pharma-to-showcase-cancer-drug-at-prestigious-munich-conference-169739.html Drug developer Redx Pharma Plc is to present a pre-clinical profile of its exciting new Porcupine inhibitor at a cancer conference in Munich later today.

Drugs like Redx’s RXC004 work by targeting cancer stems cells that can often lie dormant after traditional treatment and are associated with a recurrence of the illness.

RXC004 may also enhance the efficacy of cancer drugs called checkpoint inhibitors.

The company has enjoyed pre-clinical success in models for pancreatic cancer, which is probably the hardest to treat form of the disease and is usually terminal.

The presentation will be given to European Organisation for Research and Treatment of Cancer, National Cancer Institute and American Association for Cancer Research Symposium.

"RXC004 has the potential to become a potent therapy for a subset of biliary, gastric and pancreatic cancer patients,” said chief executive Dr Neil Murray.

“It has also been shown to enhance the efficacy of checkpoint inhibitors, such as anti-PD-1 antibodies.”

The company hopes to start first-in-human clinical studies for RXC004 early 2017.

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Wed, 30 Nov 2016 07:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/169739/redx-pharma-to-showcase-cancer-drug-at-prestigious-munich-conference-169739.html
<![CDATA[RNS press release - RXC004 pre-clinical profile ]]> http://www.proactiveinvestors.co.uk/companies/rns/161130redx4849q/ Wed, 30 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161130redx4849q/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/161116redx3730p/ Wed, 16 Nov 2016 15:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161116redx3730p/ <![CDATA[News - Redx Pharma to present at the American Society of Hematology annual meeting ]]> http://www.proactiveinvestors.co.uk/companies/news/168531/redx-pharma-to-present-at-the-american-society-of-hematology-annual-meeting-168531.html Redx Pharma Plc (LON:REDX) is to stoke up interest in medical circles next month in a drug candidate that could prove effective in treating leukaemia.

The drug development company will present the pre-clinical profile of its reversible Bruton's tyrosine kinase (BTK) inhibitor at the American Society of Hematology annual meeting on 5 December 2016 in San Diego, California.

See 4399 REDX08608, a Novel, Potent and Selective, Reversible BTK Inhibitor with Efficacy and Equivalent Potency Against Wild-Type and Mutant C481S BTK Read Redx Pharma's BTK inhibitor programme should spark partner interest Watch Redx's leukaemia drug gears up for clinical development

The Redx compound, named RXC005, offers hope for patients with chronic lymphocytic leukaemia for whom the standard treatment, ibrutinib, is not working effectively.

The compound is a novel, potent and selective, reversible BTK inhibitor that is equally potent against wild-type and mutant C481S BTK - the C481 mutant BTK protein is currently estimated to be responsible for around 60% of the observed ibrutinib resistance in patients with chronic lymphocytic leukaemia.

Redx is currently conducting studies to prepare the RXC005 programme for first-in-human clinical trials, and is targeting late 2017 for the start of these trials.

“RXC005 has the potential to become a potent therapy for chronic lymphocytic leukaemia patients by tackling the growing resistance to ibrutinib treatment. We aim to initiate first-in-human clinical studies for RXC005 late 2017," said Dr Neil Murray, Redx's chief executive officer.

House broker Cantor Fitzgerald said it had recently highlighted the importance of the Redx programme developing a BTK inhibitor which has an improved resistance profile.

On the abstract to be presented in San Diego California, the broker added:

"We believe that the commercial relevance of this programme and these data should help elicit interest from a potential partner."

Redx shares eased 4.79% on the day to stand at 44.75p.

 

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Fri, 04 Nov 2016 07:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168531/redx-pharma-to-present-at-the-american-society-of-hematology-annual-meeting-168531.html
<![CDATA[RNS press release - Reversible BTK data at ASH meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/161104redx3173o/ Fri, 04 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161104redx3173o/ <![CDATA[News - Redx Pharma's BTK inhibitor programme should spark partner interest ]]> http://www.proactiveinvestors.co.uk/companies/news/167998/redx-pharma-s-btk-inhibitor-programme-should-spark-partner-interest-167998.html Redx Pharma Plc's (LON:REDX) BTK inhibitor progamme is highly promising and should spark interest from potential pharma partners.

That's the view of house broker Cantor Fitzgerald, which says it is a good example of the group targetting an area where resistance in cancer patients from the current commercial market therapy is only just emerging.

Last week, Redx said it had selected RXC005 -  a Bruton's tyrosine kinase inhibitor, or BTK inhibitor for short - to take into clinical development.

It has been designed for people with chronic lymphocytic leukaemia, including those who are resistant to the current best-in-class treatment called  ibrutinib.

First-in-human clinical trials are expected to get underway in early 2018.

Ibrutinib has been an outstanding commercial success for founder  Pharmacyclics, partner J&J and new owner Abbvie Inc (NYSE:ABBV) however resistance to the therapy is beginning to emerge, providing an opportunity for Redx, notes the broker.

This was underlined by Abbvie's acquisition of Pharmacyclics for US$21bn.

"We believe such a candidate would have a broad appeal both to those companies who desire to retain an existing BTK franchise (perhaps as 2nd line treatment after current irreversible has failed) or those who wish to enter this large and growing market."

Cantor rates Redx a 'buy' and targets 105p a share (current price: 46.5p), based on a discounted cash flow valuation.

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Wed, 26 Oct 2016 10:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167998/redx-pharma-s-btk-inhibitor-programme-should-spark-partner-interest-167998.html
<![CDATA[Media files - Redx's leukaemia drug gears up for clinical development ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6226/redx-s-leukaemia-drug-gears-up-for-clinical-development-6226.html Thu, 20 Oct 2016 15:55:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/6226/redx-s-leukaemia-drug-gears-up-for-clinical-development-6226.html <![CDATA[News - Redx drug for chronic leukaemia being readied for clinical development ]]> http://www.proactiveinvestors.co.uk/companies/news/167692/redx-drug-for-chronic-leukaemia-being-readied-for-clinical-development-167692.html Redx Pharma Plc (LON:REDX) has found a candidate from its cancer drug programme that it plans to take into clinical development.

The compound, named RXC005, is a Bruton's tyrosine kinase inhibitor, or BTK inhibitor for short.

It has been designed for use in people with chronic lymphocytic leukaemia, including those who are resistant to the current best-in-class treatment ibrutinib.   

RXC005 is said to be equally potent against the most common type of BTK protein implicated in in the disease and the mutant protein that leads to drug resistance.

First-in-human clinical trials are expected to get underway in early 2018.

The company’s Porcupine inhibitor, also for cancer, is expected to move into the clinical trial phase early next year.

Chief executive, Dr Neil Murray, said: "We're delighted to announce another cancer drug candidate from our innovative development pipeline.  

“The nomination of RXC005, a novel reversible BTK inhibitor, comes within a month of confirming the planned start of clinical trials for our most advanced program, the Porcupine inhibitor, in some hard-to-treat cancers.”

As well as developing the generation cancer drugs, Redx is developing the next wave of antibiotics.

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Thu, 20 Oct 2016 07:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/167692/redx-drug-for-chronic-leukaemia-being-readied-for-clinical-development-167692.html
<![CDATA[RNS press release - Development candidate chosen for leukaemia program ]]> http://www.proactiveinvestors.co.uk/companies/rns/161020redx9968m/ Thu, 20 Oct 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/161020redx9968m/ <![CDATA[RNS press release - Exercise of Options and Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/161011redx2212m/ Tue, 11 Oct 2016 09:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/161011redx2212m/