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Redx Pharma Exploring New Financing Options Despite Progress

Fri, 03rd May 2019 14:07

LONDON (Alliance News) - Cancer and fibrosis-focused drug firm Redx Pharma PLC is "greatly encouraged" by talks over securing new financing.

In November, Redx said it was looking to strengthen the balance sheet to get past the second quarter of 2019.

Redx has now extended this cash runway into July, and measures to keep costs low have been implemented.

Further, Redx is now looking at short-term convertible debt financing and potentially realising its pan-rock inhibitors research programme through outlicensing.

"The board continues to be in active discussions with shareholders and third-party healthcare specialist investors regarding longer-term funding of the group," said Bramson.

"The board is greatly encouraged by the advanced state and positive nature of these various initiatives, although more time is required to conclude them and there is no guarantee that any of them will be concluded. Further announcements will be made in due course."

Shares were 8.8% lower on Friday at a price of 5.48 pence each.