REG - Redx Pharma plc - Redx to Receive Milestone Payment of $9m from AZ

Redx PharmaAnnouncement

23/12/2021 07:00

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RNS Number : 5465W  Redx Pharma plc  23 December 2021

REDX PHARMA PLC

("Redx" or the "Company")

 

Redx to Receive Milestone Payment of $9 Million Following Initiation of Phase
1 Trial of AZD5055 (RXC006)

 

Milestone payment from global biopharmaceutical company AstraZeneca

 

AZD5055 (RXC006) will be fourth product candidate discovered by Redx to enter
clinical trials

 

 

Alderley Park, UK, 23 December 2021 - Redx (AIM: REDX), the clinical-stage
biotechnology company focused on discovering and developing novel, small
molecule, highly targeted therapeutics for the treatment of cancer and
fibrotic disease, today announces that a milestone payment from AstraZeneca
has been triggered as a result of the initiation of a Phase 1 clinical trial
of AZD5055 (RXC006), a Porcupine inhibitor targeting fibrotic diseases
including idiopathic pulmonary fibrosis (IPF).

 

The milestone payment of $9 million has been triggered under the terms of
the out-licensing agreement announced on 4 August 2020 and completes the
previously described potential total of $17 million of early payments between
deal signature and the successful commencement of the first clinical trial.
Under this agreement, in addition to the $17 million in early payments, Redx
may receive up to a further $360 million in aggregate development and
commercial milestone payments. The Company is also eligible to receive tiered
royalties of mid-single digit percentages, based on any future net sales.

 

Porcupine inhibition is a novel anti-fibrotic approach that suppresses
Wnt-ligand secretion from pro-fibrotic cells. Wnt ligands are known to be
strong drivers of fibrotic mechanisms and are highly expressed in diseases
such as IPF.

 

Lisa Anson, Chief Executive Officer of Redx, commented: "We are delighted
that AstraZeneca is progressing AZD5055 (RXC006) into a Phase 1 study in
healthy volunteers to support the further development in IPF. The successful
achievement of this milestone highlights, once again, Redx's ability to
generate novel product candidates that have significant potential for diseases
with high unmet medical need. This is the fourth product candidate discovered
by Redx to enter clinical trials."

 

Redx continues to execute on its strategy, progressing its lead oncology and
fibrosis programmes. These include the oral Porcupine inhibitor, RXC004,
targeting Wnt-ligand driven tumours, which has recently entered a Phase 2
trial in genetically selected patients with microsatellite stable metastatic
colorectal cancer (MSS mCRC), and the oral selective ROCK2 inhibitor, RXC007,
which targets fibrosis and commenced first in human studies in June 2021.

 

 

 For further information, please contact:

 Redx Pharma Plc                                        T: +44 (0)1625 469 918

 UK Headquarters

 Lisa Anson, Chief Executive Officer
 Karl Hård, Head of Investor Relations

 k.hard@redxpharma.com (mailto:k.hard@redxpharma.com)

 US Office

 Peter Collum, Chief Financial Officer

 SPARK Advisory Partners (Nominated Adviser)            T: +44 (0)203 368 3550
 Matt Davis/ Adam Dawes

 WG Partners LLP (Joint Broker)                         T: +44 (0)203 705 9330
 Claes Spång/ David Wilson

 Panmure Gordon (UK) Limited (Joint Broker)             T: +44 (0)207 886 2500
 Rupert Dearden/ Freddy Crossley/ Emma Earl

 FTI Consulting                                         T: +44 (0)203 727 1000
 Simon Conway/ Ciara Martin

 

 

About Redx Pharma Plc

Redx Pharma (AIM: REDX) is a clinical-stage biotechnology company focused on
the discovery and development of novel, small molecule, highly targeted
therapeutics for the treatment of cancer and fibrotic diseases, aiming
initially to progress them to clinical proof of concept before evaluating
options for further development and potential value creation. Redx's lead
oncology product candidate, the Porcupine inhibitor RXC004, commenced a Phase
2 programme in November 2021. The Company's selective ROCK2 inhibitor product
candidate, RXC007, is in development for idiopathic pulmonary fibrosis and
commenced a Phase 1 clinical trial in June 2021. Initial results were reported
in October 2021, with full Phase 1 results expected in 2022.

 

The Company has a strong track record of discovering new drug candidates
through its core strengths in medicinal chemistry and translational science,
enabling the Company to discover and develop differentiated therapeutics
against biologically or clinically validated targets. The Company's
accomplishments are evidenced not only by our two wholly-owned clinical-stage
product candidates and rapidly expanding pipeline, but also by our four
strategic transactions from which has emerged the most advanced product
candidate pirtobrutinib (RXC005, LOXO-305), a BTK inhibitor now in Phase 3
clinical development by Eli Lilly following its acquisition of Loxo Oncology.
In addition, Redx has forged pre-clinical collaborations with AstraZeneca and
Jazz Pharmaceuticals.

 

 

Forward-Looking Statements

This press release contains forward-looking statements about our business.
Forward-looking statements are statements that are not historical facts, and
in some cases can be identified by terms such as "may," "will," "could,"
"expects," "plans," "anticipates," and "believes." These statements include,
but are not limited to, statements regarding the clinical development of the
Company's product candidates and potential milestone and royalty payments
under licensing agreements. Any forward-looking statements are based on
management's current views and assumptions and involve risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements, including suspensions,
delays or other developments in the Company's clinical trials and regulatory
developments. All information in this press release is as of the date of the
release, and the company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events, or otherwise, except as required by law.

 

To subscribe to Email Alerts from Redx, please visit:

www.redxpharma.com/investor-centre/email-alerts/
(http://www.redxpharma.com/investor-centre/email-alerts/)

 

 

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