Redx Pharma PLC (AIM:REDX) said its lead asset, RXC007, is progressing well through phase IIa evaluation, with the top-line read-out from the idiopathic pulmonary fibrosis study expected in the first quarter of next year.
A second drug candidate, RXC008, is on track for clinical trial authorisation submission in the second half of this year, it noted.
“We also look forward to the important RXC004 phase II combination data due at the end of 2023 and remain well positioned to deliver multiple near-term value inflexion points," said Redx CEO Lisa Anson in commentary alongside the company’s interim results.
One missed opportunity was the merger with Jounce Therapeutics (NASDAQ:JNCE), which would have provided the company with a US listing and access to more than £100mln of additional funds.
Redx said it would evaluate alternative options to extend the cash runway beyond the first quarter of next year. As of March 31, 2023, it had just under £35mln in the bank.
The results, meanwhile, reflected Redx’s heavy investment in drug development as it booked a loss for the period of £20.8mln, of which £16.1mln related to research and development.
"During the six months to 31 March 2023 the Company has prioritised our industry-leading ROCK portfolio where we have made very significant progress,” said CEO Anson.