Redx Pharma: FY21 results: a year of continuing delivery
Redx Pharma’s FY21 results highlight notable achievement across all development activities, progressing both the in-house and out-licensed assets. Discovery efforts centre on the proven medicinal chemistry expertise, which is being focussed on the creation of “first in class” or “best in class” compounds that address well-defined cancers and fibrotic diseases. RXC004, a porcupine inhibitor for oncology, and RXC007, a ROCK2 inhibitor for fibrosis, are progressing through Phase II and Phase I trials respectively with further value inflection expected during 2022. Milestone payments received in FY21 and post-period end from AstraZeneca and Jazz Pharmaceuticals are tangible reminders of the value inherent in Redx Pharma’s discovery platform. Our rNPV-based valuation is £434m, equivalent to 157.5p/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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