Redx Pharma plc Redx Receives Milestone Payment for RXC006 (1609C)
June 17 2021 - 2:00AM
UK Regulatory
TIDMREDX
RNS Number : 1609C
Redx Pharma plc
17 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
("MAR") WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
REDX PHARMA PLC
("Redx" or "the Company")
Redx Receives Milestone Payment of $4 million for RXC006
Alderley Park, 17 June 2021, Redx Pharma plc (AIM: REDX), the
drug discovery and development company focused on cancer and
fibrosis, announces that a milestone payment from AstraZeneca
(NASDAQ: AZN) has been triggered as a result of progress in the
development of RXC006, a preclinical porcupine inhibitor, targeting
fibrotic diseases including idiopathic pulmonary fibrosis
(IPF).
The milestone payment of $4 million has been triggered under the
terms of the out licensing agreement announced on 4 August 2020 and
forms part of the previously announced $17 million in early
payments between deal signature and the successful commencement of
the first clinical trial. Under this agreement, in addition to the
$17 million in early payments, Redx may receive up to a further
$360 million in development and commercial milestone payments
throughout the course of the programme. The Company is also
eligible to receive tiered royalties of mid-single digit
percentages, based on any future net sales.
Porcupine inhibition is a novel anti-fibrotic approach that
suppresses Wnt ligand secretion from pro-fibrotic cells. Wnt
ligands are known to be strong drivers of fibrotic mechanisms and
are highly expressed in diseases such as IPF. Wnt ligands regulate
multiple aspects of disease biology so porcupine inhibition
presents a potentially powerful anti-fibrotic approach. AstraZeneca
is taking RXC006 forward into clinical development, targeting
fibrotic diseases including IPF and anticipates entering clinical
development in 2021.
Redx continues to execute on its strategy, progressing its lead
oncology and fibrosis programmes. These include the oral porcupine
inhibitor, RXC004, targeting Wnt-driven tumours, which is in an
ongoing Phase 1 clinical trial in oncology patients, and the oral
ROCK2 inhibitor, RXC007, which targets fibrosis, where first in
human studies commenced in June 2021.
Lisa Anson, Chief Executive Officer of Redx Pharma commented:
"We are extremely pleased that AstraZeneca are progressing RXC006
and the successful achievement of this milestone payment
highlights, once again, Redx's ability to generate molecules that
have significant potential as novel medicines for unmet medical
needs. We look forward to AstraZeneca progressing RXC006 into
clinical trials and potentially delivering to patients who need new
treatment options."
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.
For further information, please contact:
Redx Pharma Plc T: +44 1625 469 918
Lisa Anson, Chief Executive
Peter Collum, Chief Financial Officer
SPARK Advisory Partners (Nominated Adviser) T: +44 203 368 3550
Matt Davis/Adam Dawes
WG Partners LLP (Joint Broker) T: +44 20 3705 9330
Claes Spång/Nigel Birks/David Wilson
Panmure Gordon (UK) Limited (Joint Broker) T: +44 20 7886 2500
Rupert Dearden/Freddy Crossley/Emma Earl
FTI Consulting T: +44 20 3727 1000
Simon Conway/Ciara Martin
About Redx Pharma Plc Redx Pharma (AIM:REDX) is focused on the
discovery and development of novel targeted medicines for the
treatment of cancer and fibrotic diseases, aiming initially to
progress them to clinical proof of concept, before evaluating
options for further development and potential value creation.
Redx's lead oncology asset, RXC004, is currently in a Phase 1 study
in patients with advanced malignancies and Redx intends to report
the Phase 1 clinical study results at a scientific meeting, as well
as initiate multiple Phase 2 studies in H2 2021. The Company's
selective ROCK2 inhibitor, RXC007, is in development for idiopathic
pulmonary fibrosis and commenced a Phase 1 clinical study in June
2021 for which results are expected in 2022.
The Company has a strong track record of discovering new drug
candidates through its core capability of converting medicinal
chemistry insights into differentiated and commercially attractive
drug candidates, and has previously completed preclinical asset
transactions with Loxo Oncology (now Eli Lilly), AstraZeneca and
Jazz Pharmaceuticals.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPUCCQUPGGQQ
(END) Dow Jones Newswires
June 17, 2021 02:00 ET (06:00 GMT)
Redx Pharma (LSE:REDX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Redx Pharma (LSE:REDX)
Historical Stock Chart
From Sep 2023 to Sep 2024