Redx Pharma PLC (LON:REDX) has announced it will present a poster on their planned first-in-human clinical trial for its RXC004 colorectal cancer treatment at the European Society for Medical Oncology (ESMO) Annual Meeting in Madrid on September 9.
The positive news comes with Redx’s shares remaining suspended on AIM as it continues to be under administration, although an exit is expected in the future after the firm struck a deal at the end of July to sell its Bruton’s tyrosine kinase (BTK) inhibitor technology and drug development programme for US$40mln.
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The life sciences group’s shares were suspended in May after it entered into administration when Liverpool Council called in a £2mln loan.
FRP Advisory, RedX’s administrator revealed on August 10 that it had contemplated a fund raise to pay off Liverpool Council.
As there was no precedent for the raising of funds on AIM by a company in administration, this required detailed analysis of the legal structuring and in-depth discussions with the biotech's brokers and advisers, FRP Advisory added.
In the event, FRP said, one large shareholder vetoed the plan and the administrator subsequently sold the BTK inhibitors business to US firm Loxo.
READ: Administrators of Redx Pharma mulled fund raise to pay off Liverpool Council
BTK was to be one of the second-generation of compounds with fewer side-effects than the market leader Imbruvica (often referred to as Ibrutinib).
The next steps out of administration are for FRP to be satisfied that Redx can continue as a going concern, following which control will be handed back to the directors who are expected at that point to apply for trading on AIM to resume again.
The process is expected to be take up to 12 weeks.