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Redx Pharma PLC welcomes new investors with fund-raising

Shares were placed at 35p each, a discount of around 4.3% to Tuesday night's close.
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Redx has a pipeline of potentially best-in-class therapies targeting immuno-oncology and cancer stem cells.

Cancer and autoimmune treatments developer Redx Pharma PLC (LON:REDX) has raised funds from new and existing shareholders to advance its drugs pipeline.

The company raised £10mln by placing 28.6mln shares at 35p a share, 8.5p below last night's closing mid-market price.

Most of the net proceeds of £9.7mln will be used to advance the company's development pipeline, including progressing the Porcupine programme, where Redx is working on an enzyme that is liked with pancreatic and triple negative breast cancer, towards the first in-human clinical trials, expected in the first quarter of next year.

Redx also has a number of other early-stage assets under development in immuno-oncology, infection and immunology.

"We are delighted to have successfully raised these new funds with approximately half coming from new institutional investors and also with very strong support from our existing shareholders,” said Neil Murray, chief executive officer.

“We have made excellent progress in the last 12 months especially with our drug discovery programs, having achieved in-vivo proof of concept in a further three programmes and selecting four drug candidates for progression into development. These new funds will support Redx's continuing progress and our existing pipeline. We believe that the assets in our pipeline look extremely promising and offer the potential to deliver significant shareholder value," Murray said.

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May 09 2016

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