22 Aug 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
REDX PHARMA PLC
("Redx" or the "Company")
Directorate Change
Alderley Park, UK, 22 August 2023 Redx (AIM:REDX), the clinical-stage biotechnology company focused on discovering and developing novel, small molecule, targeted therapeutics for the treatment of fibrotic disease and cancer announces that Sarah Gordon-Wild, independent non-executive director on the Board of Directors ("Board") has resigned, for personal reasons, as a director of the Company effective at the end of the Company's current financial year on 30 September 2023.
Ms. Gordon-Wild was appointed to the Board on 1 June 2020. She currently holds 1,316,587 shares in the Company, representing 0.39% of the Company's issued share capital, and intends to continue supporting the Company as a shareholder. Ms. Gordon-Wild also holds 200,000 options over shares in the Company, issued pursuant to the Company's Directors' Share Options Scheme 2021, two-thirds of which have vested and are exercisable as on 1 July 2023. The unvested share options, and the vested share options to the extent not exercised, will lapse upon Ms. Gordon-Wild's resignation becoming effective on 30 September 2023 in accordance with the terms of the Scheme.
At this time, the Company does not intend to appoint a replacement independent non-executive director to the Board following Ms. Gordon-Wild's resignation becoming effective.
Ms. Gordon-Wild is currently Chair of the Remuneration Committee and a member of the Audit Committee of the Board. Following her resignation becoming effective, it is intended that Dr. Bernhard Kirschbaum will be appointed Chair of the Remuneration Committee. The Board does not currently intend to appoint a replacement director for Ms. Gordon-Wild to either Committee.
Dr. Jane Griffiths, Chair of the Board, commented: "On behalf of the Board, I would like to thank Sarah for her significant contribution over the last 3 years and for her ongoing commitment to the Company as a shareholder. We wish her all the best in her future endeavours."
The person responsible for arranging for the release of this announcement on behalf of the Company is Nischal Hindia, Interim Company Secretary.
For further information, please contact: |
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Redx Pharma Plc UK Headquarters Caitlin Pearson, Head of Communications ir@redxpharma.com
Lisa Anson, Chief Executive Officer | T: +44 (0)1625 469 918 | |||
US Office Peter Collum, Chief Financial Officer | ||||
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SPARK Advisory Partners (Nominated Adviser) | T: +44 (0)203 368 3550 | |||
Matt Davis/ Adam Dawes | ||||
WG Partners LLP (Joint Broker) | T: +44 (0)203 705 9330 | |||
Claes Spång/ Satheesh Nadarajah/ David Wilson | ||||
Panmure Gordon (UK) Limited (Joint Broker) | T: +44 (0)207 886 2500 | |||
Rupert Dearden/ Freddy Crossley/ Emma Earl | ||||
FTI Consulting | T: +44 (0)203 727 1000 | |||
Simon Conway/ Ciara Martin | ||||
About Redx Pharma Plc
Redx Pharma (AIM: REDX) is a clinical-stage biotechnology company focused on the discovery and development of novel, small molecule, targeted therapeutics for the treatment of fibrotic disease, cancer and the emerging area of cancer-associated fibrosis, aiming initially to progress them to clinical proof of concept before evaluating options for further development and potential value creation. The Company's lead fibrosis product candidate, the selective ROCK2 inhibitor, zelasudil (RXC007), is in development for interstitial lung disease and commenced a Phase 2a trial for idiopathic pulmonary fibrosis (IPF) in October 2022, with topline data expected in Q1 2024. Redx's lead oncology product candidate, the Porcupine inhibitor RXC004, being developed as a targeted treatment for Wnt-ligand dependent cancers, is expected to report combination with anti-PD-1 Phase 2 data during 2023. Redx's third drug candidate, RXC008, a GI-targeted ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, is progressing towards a CTA application at the end of 2023.
The Company has a strong track record of discovering new drug candidates through its core strengths in medicinal chemistry and translational science, enabling the Company to discover and develop differentiated therapeutics against biologically or clinically validated targets. The Company's accomplishments are evidenced not only by its two wholly-owned clinical-stage product candidates and rapidly expanding pipeline, but also by its strategic transactions, including the sale of pirtobrutinib (RXC005, LOXO-305), a non-covalent (reversible) BTK inhibitor now approved by the US FDA for adult patients with mantle cell lymphoma previously treated with a covalent BTK inhibitor, and AZD5055/RXC006, a Porcupine inhibitor targeting fibrotic diseases including IPF, which AstraZeneca is progressing in a Phase 1 clinical study. In addition, Redx has forged collaborations with Jazz Pharmaceuticals, which includes JZP815, a pan-RAF inhibitor developed by Redx which Jazz is now progressing through Phase 1 clinical studies, and an early stage oncology research collaboration.
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