Redx Pharma Plc (LON:REDX) is exploring options for Novel Bacterial Topoisomerase Inhibitor (NBTI) programme with other parties potentially interested in licensing the project after Deinove said it has decided not to exercise their option.
The AIM-listed drug discovery and development company focused on cancer and fibrosis said the decision by Deinove follows a period of nine months of evaluation during which the group had sole rights to develop the programme.
The group added that all rights to the NBTI programme, including all new data generated by Deinove, now revert to Redx.
The firm entered into an option and license agreement with Deinove for the NBTI programme in March 2018 following a strategic decision to close the Redx anti-infectives unit in 2017, and focus on developing new medicines in Oncology and Fibrosis.
Last week, Redx announced that the UK's Medicines and Healthcare products Regulatory Agency (MHRA) has given formal approval to the company to re-commence the phase 1/2a trial for RXC004, an oral porcupine inhibitor targeting the Wnt signalling pathway.
It said clinical evaluation of RXC004 in patients with advanced solid tumours remains on track to resume in H1 2019 following the approval of a revised phase 1/2a clinical trial protocol and drug formulation.