Redx Pharma PLC - Macclesfield, England-based drug developer focused on cancer and fibrotic disease - Gets milestone payment of USD4 million from AstraZeneca PLC after fibrotic disease therapy makes progress. Says the company has made advances with its RXC006 therapy, a preclinical porcupine inhibitor that targets fibrotic diseases.
The treatment focuses on idiopathic pulmonary fibrosis, a condition in which the lungs become scarred, causing breathing difficulties. According to the British Lung Foundation, in 2012 around 50 people in every 100,000 were diagnosed with idiopathic pulmonary fibrosis.
The company has reached an agreement with AstraZeneca, announced August 4, which includes USD17 million in early payments, to be received before the first clinical trial of the RXC006 porcupine inhibitor therapy. Says once the first trial begins Redx Pharma could receive up to USD360 million in further development and commercial payments tied to certain milestone achievements during the drugs advancement. Redx Pharma is also eligible to receive tiered royalties for potential future net sales of the therapy in the "mid-single digit" percentage range.
Current stock price: 60.45 pence, up 3.3% on Thursday afternoon
Year-to-date change: down 3.3%
By Scarlett Butler; scarlettbutler@alliancenews.com
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