REG - Redx Pharma plc - Redx to receive milestone of $10m from Jazz

Redx PharmaAnnouncement

09/12/2021 07:00

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RNS Number : 0417V  Redx Pharma plc  09 December 2021

REDX PHARMA PLC

("Redx" or the "Company")

 

Redx to Receive Milestone Payment of $10 million from Jazz Pharmaceuticals

 

Milestone payment triggered by entering year two of the oncology research
collaboration

 

 

Alderley Park, UK, 9 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 Jazz
Pharmaceuticals (NASDAQ: JAZZ) has been triggered as a result of entering the
second year of the oncology research collaboration with the Company.

 

The milestone payment of $10 million arises in accordance with the terms of
the research collaboration agreement announced on 9 September 2020. Under the
agreement to discover and develop drug candidates for two cancer targets in
the Ras/Raf/MAP kinase (MAPK) pathway, Redx is responsible for research and
preclinical development activities up to Investigational New Drug (IND)
submission. In addition to the $20 million in payments that have now been
realised, Redx may receive up to a further $200 million from Jazz in
development, regulatory and commercial milestone payments for each programme.
The next milestone is payable upon successful IND submission and all
subsequent milestones are contingent on successful completion of the relevant
stages of development. In addition, Redx is eligible for tiered royalties in
mid-single digit percentages, based on any future net sales.

 

Lisa Anson, Chief Executive Officer of Redx, commented: "We are extremely
pleased to extend our productive oncology research collaboration with Jazz
into its second year. This is based on advancing our programmes in this key
signalling pathway and reflects Redx's core strength in discovering highly
targeted potential drug candidates. We look forward to further progress in
partnership with Jazz."

 

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,
being developed for idiopathic pulmonary fibrosis, where first in human
studies commenced 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

 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
RXC004, including in respect of data to be reported therefrom and potential
benefits thereof to patients if approved. 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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