Year-end trading update
01 Oct 2015
Redx Pharma, the drug discovery and development company, today announces a trading update for the financial year ended 30 September 2015.
The Board is pleased to report that Redx has continued to make good progress over the second half of the financial year and that the Group’s expenditure remains in line with budgets. Total operating income for the financial year is anticipated to be £2.8 million (six months to 31 March 2015: £2.0 million). The Group’s cash balance at the year-end is expected to be approximately £9.4 million.
The Group remains in encouraging discussions with a number of parties regarding further commercial collaborations. These discussions are at varying stages and involve a number of different Redx programs. In addition to the collaboration deal with Horizon, announced in September, the Board remains confident of securing further commercial agreements in due course.
Both Redx’s oncology and anti-infectives research programs have continued to progress well. In particular, within oncology, we are pleased to announce that a second in vivo proof of concept candidate was established in our Porcupine program in the second half. As previously reported, within anti-infectives, a new compound designed to tackle MRSA began pre-clinical testing in the second half and this is advancing well. The Redx immunology subsidiary, launched in May and supported by £4.2 million of Regional Growth Fund grant, is focused on developing new therapies for disorders of the immune system. It has completed the recruitment of key personnel and identified its initial research areas. This new subsidiary has synergies with Redx’s oncology activities and gives the Group an enhanced presence in an exciting area of research with strong commercial appeal.
The Board looks forward to reporting on further progress and expects to announce the Group’s results for the year ended 30 September 2015 in mid-January 2016.