Interim Results For The Six Months Ended 31 March 2015
22 Jun 2015
Redx Pharma is pleased to announce its maiden unaudited results for the six months ended 31 March 2015.
- Successful admission to AIM and £15m (gross) share placing on 27 March 2015
- Continued strong progress with drug discovery programs, with a further program having achieved pre-clinical proof of concept:
- Oncology pipeline
- first development candidate selected in SMO program for skin cancer
- in vivo proof of concept secured in BTK and cFMS programs
- in vivo proof of concept established in Porcupine program
- development candidate selected in BTK program
- continued expansion of novel lead series in MRSA program
- development candidate selected in MRSA program
- Launch of Immunology subsidiary in May 2015 – focused on developing new therapies for disorders of the immune system
- H1 financial results in line with management expectations:
- net cash at 31 March 2015: £13.8m (H1 2014: £2.8m)
- comprehensive loss of £3.2m (H1 2014: £1.6m)
- Outlook remains positive
Neil Murray, Chief Executive of Redx, commented:
I am delighted with the progress Redx has made over the six month period and subsequent to the period end, both in terms of our drug discovery programs and corporately. We already have an extensive pipeline of potentially best-in-class drug therapies across cancer and anti-infectives, and over the last nine months have identified a further two drug development candidates. These include our first drug development candidate designed to tackle MRSA, the bacterium which causes potentially lethal infections in humans, which is a significant milestone for our commercial partnership with the NHS.
The launch of our third subsidiary, Redx Immunology, in May 2015, which has synergies with our existing immune-oncology programs, is an exciting development. We expect to generate additional pipeline assets from its research activities and further partnering and licencing deals in due course.
I remain very optimistic about the opportunities available to us and Redx’s admission to AIM and share placing at the end of March will help to support our ambitious plans for our ongoing development.