On June 7, 2021 Redx (AIM: REDX), the drug discovery and development Group focused on cancer and fibrosis, reported that unaudited results for the six months ended 31 March 2021 (Press release, Redx Pharma, JUN 7, 2021, View Source [SID1234583636]).
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Operational Highlights
· Successfully completed dosing of the first four patient cohorts in the Phase 1 clinical trial of lead oncology asset, RXC004 (porcupine inhibitor)
o Final patient cohort, at 3 mg initiated and ongoing, following recruitment delays of around six months arising from COVID-19.
o Company remains on track to report the Phase 1 clinical study results at a scientific meeting, as well as initiate multiple Phase 2 studies in H2 2021.
o Post-period, in April 2021, initiated dosing of the first patient cohort with a combination of RXC004 and nivolumab (OPDIVO – Bristol Myers Squibb, an anti-PD-1 antibody immune checkpoint inhibitor).
· Post period, on 3 June 2021, initiated second clinical programme, the first programme from our fibrosis portfolio to enter the clinic
o A healthy volunteer, Phase 1 safety study for RXC007, a selective Rho Associated Coiled-Coil Containing Protein Kinase 2 (ROCK2) inhibitor for development in idiopathic pulmonary fibrosis and potentially other fibrotic conditions. Results from the study are expected to be available in H1 2022.
· Significantly progressed our partnered programs with Jazz Pharmaceuticals
o Generated revenue of £0.8m during the period from the ongoing research collaboration on the pan-RAF programme, announced in July 2019.
o A further £1.3 million of revenue recognised from the collaboration deal to conduct an oncology research collaboration designed to discover new medicines targeted at two specified targets on the MAPK pathway.
· Dr Jane Robertson appointed Chief Medical Officer on 1 March 2021.
· On 1 May 2021, Peter Collum was appointed as Chief Financial Officer and will be US-based, in the New York area; he succeeds Dr James Mead who has transitioned to the role of Chief Operating Officer.
· On 19 May 2021, Natalie Berner was appointed as a Non-Executive Director representing RM Special Holdings 3 LLP, an affiliate of Redmile Group, LLC.
· On 31 May 2021, Iain Ross stepped down from his role as Director and Non-Executive Chairman of the Company.
· On 4 June 2021, the Company announced the appointment of Ernst & Young LLP as auditor for the financial year ending 30 September 2021.
Financial Highlights
· Cash balance at 31 March 2021 of £39.9 million (31 March 2020 £1.9 million) providing cash runway through 2022.
· Financing completed in December 2020, raising £25.7 million (gross), in addition to £5.1 million of the £22.2 million outstanding loan note liability converted to Ordinary shares.
· Increasing investment in research and development by £6.2 million, reflecting the strong progress in our pipeline, led to increased operating expenses of £12.6 million (H1 2020 £5.2 million).
· Loss for the period of £12.7 million (H1 2020 £4.0 million)
Lisa Anson, Chief Executive of Redx Pharma, commented; "We continue to make strong progress with our pipeline, with drug candidates from both our oncology and fibrosis programmes now in the clinic following RXC007, our ROCK2 selective inhibitor, initiating clinical trials. Furthermore, we expect to progress RXC004, our lead oncology asset, into Phase 2 studies in the second half of 2021, once we complete the Phase 1 study currently in the final patient cohort. We continue to be excited by the differentiated programmes in our growing pipeline and look forward to further progress at Redx ."
For the purposes of MAR, the person responsible for arranging for the release of this announcement on behalf of Redx is Andrew Booth, Company Secretary.