AIM-listed MedTech Redx raises £25.5m
Posted on December 2, 2020 by Alistair Hardaker
Redx, a drug discovery and development company focused on cancer and fibrosis, conditionally raised circa £25.5m through a placing of new Ordinary Shares with both new institutional investors and existing shareholders and up to a further approximately £2.2m million by way of an Open Offer.
Iain Ross, Chairman of Redx, commented: “We are delighted to have conditionally raised c.£25.5m, which has strengthened our financial position and means we can continue to drive forward with two promising clinical programmes and our preclinical research at pace.
“We are particularly pleased with the continued strong support from our existing investors, notably Redmile and Sofinnova, as well as welcoming new investors including Polar Capital.”
Commenting on recent progress and momentum in a strong 2020 for Redx, Lisa Anson, Chief Executive Officer of Redx added: “Redx has made strong progress over the last six months in particular, executing on two key collaboration agreements with world leading pharmaceutical companies, AstraZeneca and Jazz Pharmaceuticals.
“We are pleased to see support for Redx’s strategy and our exciting pipeline of novel drugs, which have the potential to transform the treatment of cancer and fibrosis. We remain confident in our lead oncology asset, RXC004, and look forward to announcing results from the Phase 1 study, expected in H1 2021. Our development compound in fibrosis, RXC007, also remains on track, and we expect it to enter Phase 1 clinical development in H1 2021.”