REG - Redx Pharma plc - Extension to Termination of Convertible Loan Notes

Redx PharmaAnnouncement

10/07/2023 07:00

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RNS Number : 4181F  Redx Pharma plc  10 July 2023

 

 

REDX PHARMA PLC

("Redx" or the "Company")

 

Extension to Termination Date of Convertible Loan Notes

Alderley Park, UK, 10 July 2023 Redx (AIM:REDX), the clinical-stage
biotechnology company focused on discovering and developing novel, small
molecule, targeted therapeutics for the treatment of fibrotic disease and
cancer announces that the term of the convertible loan notes issued by the
Company (the "Notes") to each of RM Special Holdings 3, LLC ("Redmile") and
Sofinnova Crossover I SLP ("Sofinnova") (collectively, the "Lenders") pursuant
to the Note Purchase Agreement dated 29 June 2020 between, amongst others, the
Company and the Lenders ("the Agreement"), has been extended by twelve months
to 4 August 2024, the fourth anniversary of the purchase date of the Notes, in
accordance with and subject to, the terms and conditions of the Agreement.

About the Convertible Loan Notes

Details in relation to the Notes were first announced by the Company on 30
June 2020 1  (#_ftn1) . As at the date of this announcement, the total
principal amount of the outstanding Notes issued by the Company to the Lenders
is £17.1 million, of which Redmile holds Notes with an outstanding principal
amount of approximately £11.2 million and Sofinnova holds Notes with an
outstanding principal amount of approximately £5.9 million.

Each Lender is entitled, at any time, to convert all of part of its
outstanding Notes into new ordinary shares in the Company at a conversion
price per ordinary share of 15.5p, in accordance with the terms and conditions
of the Agreement. Each Lender may also, prior to 4 August 2024, further extend
the term of the outstanding Notes to the next anniversary of the purchase
date.

 For further information, please contact:

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

 UK Headquarters

 Caitlin Pearson, Head of Communications

 ir@redxpharma.com (mailto:ir@redxpharma.com)

 Lisa Anson, Chief Executive Officer

 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/ Satheesh Nadarajah/ 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, targeted therapeutics
for the treatment of fibrotic disease, cancer and the emerging area of
cancer-associated fibrosis, aiming initially to progress them to clinical
proof of concept before evaluating options for further development and
potential value creation. The Company's lead fibrosis product candidate, the
selective ROCK2 inhibitor, zelasudil (RXC007), is in development for
interstitial lung disease and commenced a Phase 2a trial for idiopathic
pulmonary fibrosis (IPF) in October 2022, with topline data expected in Q1
2024. Redx's lead oncology product candidate, the Porcupine inhibitor RXC004,
being developed as a targeted treatment for Wnt-ligand dependent cancers, is
expected to report combination with anti-PD-1 Phase 2 data during 2023.
Redx's third drug candidate, RXC008, a GI-targeted ROCK inhibitor for the
treatment of fibrostenotic Crohn's disease, is progressing towards a CTA
application at the end of 2023.

 

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 its two wholly-owned clinical-stage
product candidates and rapidly expanding pipeline, but also by its strategic
transactions, including the sale of pirtobrutinib (RXC005, LOXO-305), a
non-covalent (reversible) BTK inhibitor now approved by the US FDA for adult
patients with mantle cell lymphoma previously treated with a covalent BTK
inhibitor, and AZD5055/RXC006, a Porcupine inhibitor targeting fibrotic
diseases including IPF, which AstraZeneca is progressing in a Phase 1 clinical
study. In addition, Redx has forged collaborations with Jazz Pharmaceuticals,
which includes JZP815, a pan-RAF inhibitor developed by Redx which Jazz is now
progressing through Phase 1 clinical studies, and an early stage oncology
research collaboration.

 

To subscribe to Email Alerts from Redx, please
visit: www.redxpharma.com/investor-centre/email-alerts/
(http://www.redxpharma.com/investor-centre/email-alerts/) .

 

 

 

 

 

 

 

 

 

 

 1  (#_ftnref1)
https://www.redxpharma.com/wp-content/uploads/2018/12/Proposed-financing-of-30-million-via-issue-of-convertible-loan-notes-and-share-subscription-and-notice-of-General-Meeting.pdf

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