Redx Pharma PLC (AIM:REDX) said it is sitting on almost £60mln of cash following its £34.3mln City fundraiser earlier in June.
This, it said, will be enough to get it to two value inflexion points: read-outs from phase II studies of key assets RXCX004 and RXC007, respectively for cancer and fibrosis.
In commentary alongside its interim results, chief executive Lisa Anson said the drug developer had made ‘strong progress across all aspects of our pipeline’ in the six months ended March 31.
Specifically, the Redx research team moved lead oncology asset RXC004 into phase II, reported encouraging phase I data from RXC007, and nominated its next development candidate, RXC008 for Crohn’s Disease.
Payments worth around £16mln from AstraZeneca and Jazz Pharma during the six months revealed its partner programme is also working well.
Turning to the results, Redx posted a loss of £9.8mln as it invested in research and development activities – its bread and butter.