LONDON (Alliance News) - Redx Pharma PLC on Thursday said French biotech firm Deinove SA will not exercise its option for Redx's novel bacterial topoisomerase inhibitor programme.
Shares in Redx were down 15% at 6.40 pence on Thursday morning.
All rights to the novel bacterial topoisomerase inhibitor programme, including all data produced by Deinove, will now revert to Redx. The programme targets the development of drugs to treat multi-drug resistant bacteria.
This follows a nine-month period in which Deinove possessed "sole rights to develop the programme".
Redx, which focuses on the discovery and development of drugs to treat cancer and fibrosis, is "exploring other options for the programme" with undisclosed parties who have a "potential interest in licencing the project".
Redx entered its option and licence agreement for the NBTI programme with Deinove back in March. This followed Redx's decision to close its anti-infectives unit and concentrate on oncology and fibrosis candidates.
Last Monday, the Medicines & Healthcare Products Regulatory Agency gave its formal approval for Redx to resume its clinical trial programme for cancer drug RXC004 in the first half of the year.
The phase 1/2a clinical study of RXC004 was suspended in March due to adverse events in the first, and only, patient to have been given the drug. The trial will now resume at a "significantly lower starting dose".
