Redx Pharma PLC (AIM:REDX) said a US$5mln milestone payment has been triggered under its deal with America’s Jazz Pharmaceuticals.
It follows the award of investigational new drug status by US regulators for JZP815, which was discovered by the UK drug developer.
The asset is what’s called a pan-RAF inhibitor designed to slow or stop tumour cell growth.
It is being developed to treat solid tumours and cancers that begin in the blood-forming tissue.
Redx has already received US$6.5mln in pay-outs under its 2019 deal with Jazz, which could be worth as much as US$203mln in milestones and royalties.
“When Jazz commences the clinical programme this will become the fifth drug candidate discovered by Redx to enter the clinic, further validating our world-class research and development capabilities,” noted Redx chief executive Lisa Anson.