Trinity Delta Lighthouse: Redx Pharma
Trinity Delta view: We view the ROCK programmes, RXC007 and RXC008, as particularly promising in the treatment of a variety of fibrosis conditions. In previous notes we described how RXC007’s profile has the potential to become a major element in a broad range of fibrosis indications, including IPF and ILDs, and how it is increasingly seen as a key component of Redx Pharma’s investment case. We believe Sanofi’s Rezurock effectively de-risks the ROCK pathway and Pliant Therapeutics’ share price attests to investor interest in fibrosis indications. Whilst we acknowledge this study is still only a Phase IIa trial, the data should provide invaluable insights into RXC007’s clinical and commercial positioning. Our valuation remains £461m (or $553m), equivalent to 138p 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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