Redx Pharma: Key Phase II data for lead assets expected during H223
Redx Pharma’s two lead assets are in Phase II trials and key data for both are expected during H223. These are RXC004, a porcupine inhibitor for Wnt-ligand dependent solid tumours, and RXC007, a ROCK2 inhibitor in IPF (idiopathic pulmonary fibrosis). Efficacy insights from both datasets should provide valuable information on the commercial potential of each candidate and visibility on next steps. Redx Pharma has discovered and developed five molecules which are currently in clinical trials, and the discovery engine and differentiated medicinal chemistry expertise continue to bear fruit, with a growing earlier stage preclinical pipeline. This includes RXC008, a GI targeted ROCK inhibitor, which is progressing towards IND/CTA submission by end-2023 for fibrostenotic Crohn’s disease. Cash resources should be sufficient through key H223 value inflection points. Our rNPV-based valuation is £461m (from £458m), or 138p/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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