Redx Pharma to raise £15m for IPO
Redx Pharma, a Manchester-based drug discovery and development company, has announced its IPO is valued at £15m and it will place 17,647,059 new ordinary shares of 1 pence each in the company at a price of 85 pence per share.
At the placing price, Redx’s market capitalisation will be approximately £55.2 million on Admission and shares in Redx will begin trading on AIM on 27 March 2015 with the ticker REDX.
Established in 2010, Redx is focused on improving the characteristics of existing drug classes to create highly differentiated ‘best-in-class’ new drugs principally in cancer and infectious disease.
Redx’s work to date has been endorsed by partnerships with global pharmaceutical companies and the NHS, including a two year research collaboration and option agreement with AstraZeneca UK Limited, focusing on an undisclosed oncology drug candidate, signed in August 2014.
Neil Murray, chief executive officer of Redx, commented: “This placing and Redx’s admission to AIM mark another step in the Company’s development and the prospects for Redx look exciting. We have a very promising pipeline of potential drug candidates, in two areas of high need, cancer and infection.
“Alongside this we have strong partnerships and collaborations - including with AstraZeneca and the NHS. Our approach - to focus on improving existing drugs and to partner early - has helped us to establish Redx as a highly attractive pipeline generator to large pharma and emerging life science companies.
“We look forward to reporting on the Company’s continuing progress as an AIM-quoted company.”
This was posted in Bdaily's Members' News section by Ellen Forster .