Redx Pharma: Ready to ROCK as RXC008 enters the clinic
Redx Pharma’s differentiated ROCK inhibitor assets hold much promise in the treatment of a variety of serious and intractable fibrotic conditions. Hence, the start of a Phase I trial with second ROCK programme RXC008 is an important milestone. The preclinical data for RXC008 are extensive and, if replicated in the clinic, suggest that RXC008 could have a unique role in the treatment of fibrostenotic Crohn’s disease, a debilitating condition that requires repeated surgical interventions. Meanwhile, data for lead ROCK asset zelasudil for IPF (idiopathic pulmonary fibrosis), which are a key catalyst for Redx, continue to be expected during H124. Redx also continues to execute on business development opportunities within its pipeline, with a third deal signed with Jazz; further deal(s) could be catalysed once RXC004 data become available in H124. Our updated rNPV valuation is £386m, or 99p 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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