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.
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.