(Alliance News) - Redx Pharma PLC on Wednesday reported a sharp full-year revenue rise and narrowed loss.
Shares in the company were 14% higher at 7.40 pence each in London on Wednesday morning.
In the year ended September 30, revenue jumped to GBP3.1 million from GBP129,000. Its pretax loss was trimmed to GBP6.2 million from GBP10.2 million.
Redx said: "The financial year ending September 30 was a year of strong progress for the company - strategically and scientifically. In challenging circumstances the Redx team has continued to deliver programmes that are the basis of creating long term shareholder value.
"The new management team is now well established with the appointment of James Mead as chief financial officer and board director on February 1, 2019. This team, under the leadership of our very experienced and high-profile Chief Executive Officer Lisa Anson, has pursued a clear and focused strategy aimed at enhancing shareholder value."
Back in March 2019, Redx began a phase 1/2a trial of its RXC004 cancer treatment. Dosing of two sets of patients have been completed, with results from a third cohort expected in the second half of 2020.
CEO Anson said: "I am pleased to report on the progress made by Redx. The phase 1/2a clinical trial of our promising lead cancer asset, RXC004, an oral porcupine inhibitor, remains on track to deliver results in the second half of 2020. We remain confident that this programme can unlock the potential of the Wnt pathway as a means to tackle unmet needs in a number of cancers."
By Eric Cunha; ericcunha@alliancenews.com
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