LONDON (Alliance News) - Redx Pharma PLC said Thursday it has launched a third subsidiary, Redx Immunology Ltd, to focus on developing therapies for immune system disorders.
It plans for the subsidiary to deliver up to eight new drug development candidates over the near to medium term, which will then be progressed to clinical trials. It will focus on "commercially relevant targets and seek to improve the characteristics of existing drug classes to create highly differentiated best-in-class new drugs."
The new subsidiary will operate at its laboratories at Alderley Park, Cheshire, and will be funded from the proceeds of its recent initial public offering and grant funding from the UK government's Regional Growth Fund.
"We believe that Redx's approach and methodology has the potential to make a significant contribution to the industry's R&D pipeline in the immunology area and will be attractive to large and emerging mid-size pharmaceutical companies as they seek to collaborate with companies such as Redx to develop new therapies," said Chief Executive Neil Murray in a statement.
Shares in Redx Pharma are trading up 1.6% at 89.38 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
