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Redx Pharma to focus on progressing oncology and fibrotic drugs in 2019

2019 will be an important year for the firm with the re-start of Phase I/IIa trial for RXC004, part of a niche, and potentially breakthrough group of cancer drugs

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After an internal review, Redx’s new CEO has set out plans for a streamlined drug development pipeline

Redx Pharma Plc’s (LON:REDX) new management team plans to focus its cash resources on progressing its drug leads in oncology and fibrotic disease to clinical proof-of-concept in 2019.

Following an extensive internal review, Redx’s new CEO – former AstraZeneca (LON:AZN) UK president Lisa Anson – has set out plans for a slimmed-down pipeline in the two disease areas, with the aim of progressing the drugs to the clinical proof-of-concept stage, broker Hardman & Co said in a note to clients on Tuesday.

READ: Redx Pharma ready to relaunch with AstraZeneca’s former UK boss now at the helm

Next year will be an important year for the firm with the re-start of Phase I/IIa trial for RXC004, part of a niche, and potentially breakthrough group of cancer drugs called Porcupine inhibitors. They work by dialling down the Porcupine protein, which is the control switch for the Wnt pathway – known to be heavily involved in cell growth and division.

Hardman & Co said under Anson, Redx now has a clear vision and a streamlined pipeline focused on "high unmet needs in oncology and fibrotic diseases", and the ability to leverage its medicinal chemistry expertise.

The AIM-quoted biotech also aims to nominate one to two development candidates from a portfolio of three fibrosis programmes, with first clinical trials in 2020.

“After a difficult period, Redx has emerged in much better shape. While all early-stage pharma and biotech companies carry substantial risks and are capital intensive, the rewards can be substantial, as evidenced by the successful disposal of its BTK programme for £30.5mln in cash in 2017,” Hardman analysts added.

Shares in Redx were 1.1% down at 8.60p in mid-afternoon trade.

Quick facts: Redx Pharma Plc

Price: 7.25 GBX

AIM:REDX
Market: AIM
Market Cap: £9.17 m
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