Redx Pharma PLC (AIM:REDX) said its recent fundraising has given it a cash runway into 2024 as it released results showing revenues also grew strongly in the year to end-September 2022.
The biotech has two drugs going through phase II clinical trials this year, RXC004 for Wnt-ligand dependent cancers and RXC007 for idiopathic pulmonary fibrosis (IPF), while earlier in the year it nominated a third candidate, RXC008 for fibrostenotic Crohn's disease, as its next clinical development candidate.
In the half-year results statement, Lisa Anson, RedX chief executive, said: "I am very proud of our track record of consistently generating differentiated drug candidates and excited by the potential of the five clinical molecules we have discovered to treat significant unmet needs in cancer and fibrosis.
“Our two lead assets, RXC004 and RXC007, are now in Phase 2 clinical studies, and we look forward to reporting results from these studies during the next calendar year."
"Importantly, given the current economic and market backdrop, during the period we were also able to raise significant additional capital to bolster our balance sheet. This provides us with a cash runway into 2024 that will allow us to deliver multiple value-inflection points," she added.
Revenues for the year rose to £18.7mln (H1 2021: £10mln) including milestone payments of £10.7mln with research awards and services chipping in £8mln (H1 2021: £5mln).
Losses for the year were reduced to £18mln (H1 2021: £21mln) even though R&D expenditure rose to £34.4mln (H1 2021: £21.5mln).
Redx had a cash balance at the period end of £53.9mln.