Proactive Investors - Run By Investors For Investors

Redx Pharma up as it confirms cancer drug clinical trial will re-start early next year

After discussions with the regulator, RXC004 will be administered at a lower initial dose
Redx Pharma up as it confirms cancer drug clinical trial will re-start early next year
Redx is developing a new generation of cancer drug called a porcupine inhibitor

Redx Pharma plc(LON:REDX) shares gained on Wednesday as the group confirmed it will restart early-stage clinical trials on its cancer drug after discussion with the regulator.

The phase I/IIa assessment of RXC004 was halted in March amid concerns the initial dosing was too high.

Crucially, there were no other 'off-target' side-effects, while the compound appeared to act in the way expected.

Following talks with the Medicines and Healthcare Regulatory Agency, work will restart early next year at a lower initial dose.

First-half results

The update was provided alongside first-half results, which showed Redx to be in a financially strong position with just over £10mln in the bank as at March 31.

The company, which recently unveiled senior AstraZeneca executive Lisa Anson  its new chief executive, has also managed to cut £7mln from costs on an annualised basis.

It meant that Redx's loss fell to £4.6mln in the six months from £10.7mln.

"I am pleased with the progress that Redx has made in the past six months," said chairman Iain Ross.  

"We have continued to advance our R&D programmes and achieved substantial cost savings across the business."

In mid-morning trading, Redx shares were 1.9% higher at 13.75p.

-- Adds share price --

 

View full REDX profile View Profile

Redx Pharma Plc Timeline

Related Articles

researcher filling a tray of samples
Fri
The company has two clinical trials underway and is well funded to achieve its immediate ambitions
cough
October 19 2018
Respiratory syncytial virus causes the common cold, for which there is no effective cure.
eye
November 19 2018
“It’s a blended model of highly cash generative assets and top line growth”

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use