Trinity Delta Lighthouse: Redx Pharma
Trinity Delta view: Redx Pharma has established a notable reputation for its medicinal chemistry expertise which it is exploiting through a combination of in-house developed programmes and partnerships (with AstraZeneca and Jazz Pharmaceuticals). The lead programme is RXC004, a porcupine inhibitor poised to enter Phase II studies in a selection of genetically selected solid tumours. RXC007 is the second in-house compound and Rezurock’s approval creates a clear regulatory pathway and, in our view, materially de-risks RXC007’s development process. Our rNPV model, employing conservative assumptions, generates a £350.7m valuation, equivalent to 128p/share (86p fully diluted).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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