Partner Article

Liverpool’s Redx Pharma pleased with maiden results

Liverpool-based Redx Pharma, the drug discovery and development company has released its maiden unaudited results for the six months ended 31 March 2015.

The stats

The company is still in its research and development phase and has yet to bring its products to market. Consequently it is reporting a loss before tax of £3.3m for the six months ending 31 March 2015 (2014 £2.0m)

Total operating income was £2.0m (H1 2014: £3.3m).

The group had a successful admission to AIM and £15m (gross) share placing on 27 March 2015.

The analysis

The company’s main source of income during the period was from a NHS collaboration deal worth £1.3m and grants to support the group’s research and development activities.

In October 2014 the group disposed of its non-core Redx Crop Protection subsidiary generating a gain of £900k.

The comment

Chief executive of Redx Pharma plc, Neil Murray, said: “I am delighted with the progress Redx has made over the six month period and subsequent to the period end, both in terms of our drug discovery programs and corporately.

“We already have an extensive pipeline of potentially best-in-class drug therapies across cancer and anti-infectives, and over the last nine months have identified a further two drug development candidates.

“These include our first drug development candidate designed to tackle MRSA, the bacterium which causes potentially lethal infections in humans, which is a significant milestone for our commercial partnership with the NHS.

“The launch of our third subsidiary, Redx Immunology, in May 2015, which has synergies with our existing immuno-oncology programs, is an exciting development. We expect to generate additional pipeline assets from its research activities and further partnering and licensing deals in due course.

“I remain very optimistic about the opportunities available to us and Redx’s admission to AIM and share placing at the end of March will help to support our ambitious plans for our ongoing development.”

The summary

A good set of maiden results for Redx, the company remains positive and its admission to AIM will support its development.

This was posted in Bdaily's Members' News section by Sophia Taha .