Redx Pharma PLC (AIM:REDX) confirmed it has raised £34.3mln as it closed the book on the equity raise announced earlier this morning.
The company is to issue 58mln new shares priced at 59p each through the placing.
Proceeds from the placing are earmarked to fund the progression of clinical development and research programmes to ‘important value inflection points’.
“This fundraise enables us to continue to progress our clinical pipeline towards important proof-of-concept data readouts, as well as advance our promising research pipeline of differentiated drug candidates towards our goal of three additional wholly-owned IND submissions by 2025,” said chief executive Lisa Anson.
“Specifically, the proceeds provide Redx with a cash runway to reach several significant potential value inflexion points through 2023.”
Possible upcoming value points include topline data from Phase 2 clinical studies for certain cancers, Phase 2 data from a study in idiopathic pulmonary fibrosis, and/or progress with a possible treatment to address fibrostenotic Crohn's disease which currently has no available curative treatment options.
Anson added: “We would like to thank our existing shareholders for their continued strong support and are pleased to welcome a new specialist healthcare investor Invus to Redx and our commitment to creating world leading medicines to transform patients' lives."