Redx (AIM: REDX), the drug discovery and development Group focused on cancer and fibrosis, today announces unaudited results for the six months ended 31 March 2019.
Operational Highlights
- Phase 1 clinical trial of lead oncology asset, RXC004 (Porcupine inhibitor) reinitiated with approval from the UK’s Medicines and Healthcare products Regulatory Agency (MHRA)
- RXC004 posters presented at American Association for Cancer Research (AACR) meeting and the National Cancer Research Institute (NCRI) 2018 Cancer Conference
- RXC006 (Porcupine inhibitor) nominated as a development candidate; first-in-class treatment for idiopathic pulmonary fibrosis
- First public disclosure of RXC006 preclinical data at the Advances in Fibrosis Drug Discovery Conference in Cambridge, USA
- ROCK2 programme in vivo data reported from three independent preclinical animal models of lung, kidney and liver fibrosis
- Dr James Mead appointed as full time Chief Financial Officer and an Executive Director of the Board, effective 1 February 2019
- Poster presentations at high profile medical conferences
– Two posters, demonstrating the direct tumour targeting and immuno-oncology effects of RXC004, presented at American Association for Cancer Research (AACR) meeting
– Poster presentation of positive RXC004 data from preclinical studies at the National Cancer Research Institute (NCRI) 2018 Cancer Conference
– ROCK2 inhibitor programme poster presented at American Society of Nephrology (ASN) Kidney Week 2018
Financial Highlights
- Cash balance at 31 March 2019 of £3.3m (31 March 2018: £10.3m, 30 September 2018: £6.5m), highlighting strong cash management
- Continued control of operating expenses in period £5m (H1 2018: £5.2m)
- Recovery of derecognised loan, generating £0.9m cash receipt
- Loss for the period £2.3m (H1 2018: £4.6m loss)
Lisa Anson, Chief Executive Officer commented: “In our 2018 annual report the Board and Management set out our strategy, focused on moving RXC004, our porcupine inhibitor programme for Wnt driven cancer, back into the clinic. We also set out our plan to move RXC006, a porcupine inhibitor targeted at idiopathic pulmonary fibrosis, into preclinical development as well as selecting a development candidate for our ROCK2 programme for fibrosis. Throughout the first six months of the year we have made progress against these aims, most notably reinitiating our phase 1 clinical trial of RXC004. We aim to make further progress over the next six months, with our RXC004 study ongoing and our ongoing fibrosis programmes.
Today, we announced that we have signed a short-term loan agreement of up to £2.5 million from Moulton Goodies Ltd (MGL), the Company’s largest shareholder, which extends our cash runway into the fourth quarter of 2019. We continue to be in active discussions with shareholders and third-party healthcare specialist investors regarding longer-term funding of the Group and are also looking at the potential value realisation of the pan-RAF research programme.
The Board and I are confident in the potential of our assets and look forward to updating the market on our financing plans as well as our operational progress.”
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