Redx Pharma: Anticipating clinical momentum and catalysts in 2024
Redx Pharma’s pipeline focus is on its differentiated ROCK portfolio targeting serious and debilitating fibrotic diseases. The c £14m October fund raise extended the cash runway beyond key H124 catalysts, providing greater optionality around value creation from these assets. Topline Phase IIa data expected in H124 from lead compound zelasudil (RXC007), a next-generation selective ROCK2 inhibitor under evaluation for IPF (idiopathic pulmonary fibrosis), coupled with the potential to lift the FDA partial clinical hold for a longer dosing duration, could support further development and indication expansion given the role of ROCK2 inhibition in multiple fibrosis-associated diseases. Initiation of the first clinical trial for RXC008, a novel GI-targeted ROCK inhibitor for fibrostenotic Crohn’s disease, adds further momentum to the fibrosis pipeline, while other assets, including RXC004 and earlier-stage discovery programmes, offer interesting business development prospects. Our updated rNPV-based valuation is £367m, or 94p per share.Redx Pharma is engaged in drug discovery, pre-clinical development and licensing. The principal activities of the business are the discovery and development of proprietary, small molecule drugs to address areas of high, unmet medical need. Co. is developing a porcupine inhibitor drug candidate, RXC004, as a cancer treatment using in vivo models of pancreatic and gastric cancer. ROCK1/2 inhibitors (known as systemic pan-Rock inhibitors) are known to induce hypotension. Co.'s ROCK inhibitor is designed to only work at the site of action in the gastrointestinal tract and degrades quickly, once absorbed, through enzyme-mediated metabolism in the blood, deeming it a soft inhibitor.
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