On January 27, 2021 Redx Pharma (AIM:REDX), the drug discovery and development Company focused on
oncology and fibrosis, reported its audited financial results for the year ended 30 September 2020 as well as an
operational update (Press release, Redx Pharma, JAN 27, 2021, View Source [SID1234574335]).

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Iain Ross, Non-Executive Chairman of Redx Pharma, commented:
"2020 was a transformational year for the Company. Redx has overcome the common industry challenge of funding and
has ended the period with a strong balance sheet and the backing of new specialist life science investors. Despite clinical
development challenges that have affected us, as well as many other companies in our sector, as a result of the global
COVID-19 pandemic, Redx has managed to progress its pipeline, further developing its lead programmes in oncology and
fibrosis, and is on track to deliver on key milestones in 2021. We have a strong and talented management and scientific
team and it is with this expertise that Redx has continued to grow and move forward with its strategy."

Lisa Anson, Chief Executive Officer of Redx Pharma, added:
"We are excited to report on the growing strength and capabilities of Redx. Over the past 12 months, with highly
experienced scientific and management teams in place, we have made significant progress with our pipeline as we continue to apply our distinctive approach to drug discovery. In further recognition of our capabilities we also completed two significant partnering deals with AstraZeneca and Jazz Pharmaceuticals.

Having now gained the backing of key specialist life science investors, we start 2021 in a strong and confident position. Key milestones lie ahead of us in the coming months. I look forward to reporting on these as we continue on our journey to becoming a leading biotech company focused on the development of novel targeted medicines that have the potential to transform the treatment of cancer and fibrosis."

Operational Highlights
· Progressed the Phase 1 trial of its lead oncology asset, RXC004, a potentially best-in-class, orally bioavailable, Porcupine inhibitor
o Dosing of the first four patient cohorts has successfully been completed
o The final cohort is ongoing and results are expected by mid 2021
· Nominated a second fibrosis development candidate, RXC007, a ROCK2 (Rho Associated Coiled-Coil Containing Protein
Kinase 2) selective inhibitor with potential for development in multiple fibrotic conditions
o RXC007 is expected to enter a Phase 1 study in H1 2021
· Announced the appointment of Dr Jane Robertson as Chief Medical Officer, effective 1 March 2021
· Licensed preclinical stage Porcupine inhibitor programme, RXC006, to AstraZeneca in return for $17 million in early
payments and up to a further $360 million in deferred milestone payments and tiered royalties
· Signed a two target research collaboration with Jazz Pharmaceuticals, with $10 million cash received on signing and a
further $10 million due in year two, together with further milestone payments and tiered royalties

Financial Highlights
During the year, the Company significantly improved its financial position, gaining the support of established specialist
healthcare and life sciences investors. Taken together with the income from commercial partnerships, the Company has
working capital until the end of 2022.
· $30 million financing package secured with Redmile Group LLC and Sofinnova Partners in July 2020, approved at the
general meeting on 20 July 2020
· Post period, in December 2020 a placing and Open Offer of £25.7 million, which received strong support from existing
investors and added healthcare specialist investors including Polar Capital, was approved at the General Meeting on 21
December 2020
· Cash balance at 30 September 2020 of £27.5 million (30 September 2019: £3.7 million), post placing cash balance of
£48.2 million on 24 December 2020, working capital secured until Q4 2022
· Total revenue for the year: £5.7 million (2019: £3.1 million)
· Loss for the year: £9.2 million (2019: £4.3 million)
· Total operating expenditure: £14.2 million (2019: £10.2 million)