(Alliance News) - Redx Pharma PLC on Wednesday said that it has conditionally raised around GBP14.1 million by way of a subscription for 54.1 million shares at 26 pence each.
Redx Pharma is a Macclesfield, England-based clinical-stage biotechnology company focused on discovering and developing targeted therapeutics for the treatment of fibrotic disease and cancer.
It intends to use the net proceeds from the subscription to continue progressing its pipeline.
Following the fundraise, Redx estimates that it will have GBP28.1 million in available cash, which it said would provide enough working capital to fund the progression of its ROCK portfolio.
Combined, the fundraise and subscription will be used for a number of projects, such as: reporting on topline Phase 2a data from the zelasudil IPF clinical trial; completing additional investigative preclinical studies for zelasudil, allowing for longer dosing durations in the US; and progressing RXC008 into clinical development in fibrostenotic Crohn's disease by initiating a Phase 1 study.
The funds will also be used to explore partnerships, and for general and administrative working capital purposes.
Chair Jane Griffiths said: "At Redx we are focussed on developing novel, targeted therapies for fibrotic disease and cancer in areas of high unmet medical need. This fundraise enables us to continue the strong progress of our industry-leading ROCK portfolio, specifically advancing our ROCK2-selective inhibitor, zelasudil, in idiopathic pulmonary fibrosis (IPF) and commencing clinical studies for our gastrointestinal-targeted ROCK inhibitor, RXC008, which has the potential to be a first-in-class treatment for fibrostenotic Crohn's disease."
Redx Pharma shares were untraded on Wednesday afternoon at 25.20 pence each.
By Holly Beveridge, Alliance News reporter
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Redx Pharma (REDX)