Redx Pharma PLC (AIM:REDX) has unveiled plans to raise £30mln selling shares at 59p each, a modest discount to Wednesday’s closing price.
Including the cash on the balance sheet, it will have £55.9mln to fund its clinical pipeline through to what it described as ‘value inflexion’ points next year.
In that timeframe, it expects to release top-line data from phase II trials of drugs for colorectal, pancreatic, and biliary cancers and pulmonary fibrosis.
It will also aim to get a fibrostenotic Crohn's disease treatment to the investigational new drug (IND) stage and is looking to add to three further INDs by 2025.
“As the company executes its business plan, the board and management will continue to ensure that resources are allocated to allow progression of the project portfolio in the most efficient way and to assess options on an ongoing basis to ensure that Redx extracts maximum value from its intellectual property,” the company said in a statement.