(Alliance News) - Drug developer Redx Pharma PLC on Tuesday said it received a GBP515,595 grant to fund a project designed to progress therapies for a life-threatening lung condition.
The financing was awarded by the Innovate UK programme, part of the UK Research & Innovation funding agency, a non-government body backed by the Department for Business, Energy & Industrial Strategy.
The project, which Redx is operating alongside researchers Medicines Discovery Catapult, will assess potential therapies for idiopathic pulmonary fibrosis. The disease causes scarring in the lungs which could then prevent the body from inhaling enough oxygen.
Redx explained: "The grant will fund the development and validation of a panel of translational biomarkers to assess novel therapeutics.
"The collaboration combines Redx's expertise in the development of novel small molecule precision medicines, including the company's Porcupine (RXC006) and Rho-associated protein kinase 2 (ROCK2) inhibitors, together with MDC's expertise in biomarker strategies."
In November 2018, Redx said its RXC006 drug candidate was able to suppress lung fibrosis in living organisms and will be developed as a treatment for idiopathic pulmonary fibrosis.
In February of this year, data found that the firm's ROCK2 compound could also be an effective fibrosis treatment.
Chief Scientific Officer Richard Armer said: "We are excited to enter into this unique collaboration with Medicines Discovery Catapult and would like to thank Innovate UK for the validation of our teams' scientific capabilities with the Biomedical Catalyst funding award.
"This will accelerate preclinical assessment and ensure a robust clinical development plan is in place for our Porcupine and ROCK2 inhibitors for fibrosis."
RedX Pharma shares were 5.7% higher at 7.40 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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