LONDON (Alliance News) - Redx Pharma PLC Wednesday said it expects to further develop its pipeline throughout its current financial year, with its initial programmes to enter their first in-human clinical studies the following year, as it reported its maiden full year results.
For the year to end-September the drug discovery and development company reported a pretax loss of GBP8.8 million, more than doubled from the pretax loss of GBP4.3 million it saw in the previous year, as a result of higher operating expenses, and it recognised lower operating income from grants and research funding. The company did not produce revenue in either period.
Redx listed on AIM last March, raising GBP15 million in its initial public offering.
The company said that since listing it has made progress with its existing research programs across oncology and infectious disease, and in May it launched its third area of research, immunology.
"I am delighted with the strong progress Redx has made in this transformational year. Joining AIM has helped us expand our operations, including into immunology research and opens up further opportunities for the business," said Chief Executive Nick Murray in a statement.
"In our existing research areas in oncology and anti-infectives, we achieved in vivo proof of concept in a further two programs and progressed three drug candidates into formal pre-clinical development. We look forward to building on this success in 2016 as we also look to secure further commercial partnerships and broaden Redx's capability and asset base," Murray added.
Shares in Redx were up 1.7% at 58.45 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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