REDX.L Share News (REDX)

(Sharecast News) - Drug discovery and development company Redx Pharma announced on Thursday that Deinove had decided not to exercise its option for Redx's 'Novel Bacterial Topoisomerase Inhibitor' (NBTI) programme.The AIM-traded firm said the decision followed a period of nine months of evaluation by Deinove, during which it had sole rights to develop the programme.All rights to the NBTI programme, including all new data generated by Deinove, now reverted to Redx, which said it was exploring options for the programme with other parties with potential interest in licensing the project."Redx entered into an option and license agreement with Deinove for the NBTI programme in March 2018 following a strategic decision to close the Redx anti-infectives unit in 2017, and focus the company on developing new medicines in oncology and fibrosis," the company's board said in its statement."Last week, the company announced that the UK's Medicines and Healthcare products Regulatory Agency (MHRA) has given formal approval to the company to re-commence the phase 1/2a trial for RXC004, an oral porcupine inhibitor targeting the Wnt signalling pathway."Clinical evaluation of RXC004 in patients with advanced solid tumours remains on track to resume in the first half of 2019 following the approval of a revised phase 1/2a clinical trial protocol and drug formulation," the board reported.