14 May 2015 07:00
14 May 2015
AIM: REDX
REDX PHARMA PLC
("Redx" or "the Company" or "the Group")
Launch of third subsidiary, Redx Immunology Limited
Redx, the drug discovery and development company, is pleased to announce the launch of its third subsidiary, Redx Immunology Limited ("Redx Immunology"), which will focus on developing new therapies for disorders of the immune system.
It is intended that Redx Immunology will deliver up to eight new drug development candidates over the near to medium term for subsequent progression into clinical trials. The launch of Redx Immunology is in line with the Group's stated strategy to develop a third therapeutic area to generate additional pipeline assets for further partnering and licencing deals. Its creation also complements Redx's current cancer-related drug programs which encompass immuno-oncology.
Redx Immunology's approach to drug discovery and development will be consistent with the Company's existing approach in its cancer and anti-infectives subsidiaries. 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. As with its other subsidiaries, Redx will seek partnership and licence deals at an early stage in drug development programs.
Redx Immunology will operate at Redx's laboratories at Alderley Park, Cheshire and is being launched using the proceeds from the Company's recent IPO together with the matched funding from the Group's £4.2 million grant award from the UK Government's Regional Growth Fund ("RGF").
Dr Neil Murray, Chief Executive of Redx Pharma, commented:
"Diseases involving the immune system represent some of the most defining public health challenges of the developed world. Our new R&D centre for immunology will build on the expertise that we are bringing to bear in the key area of tumour immunology, where we are looking to switch on the body's immune system to attack cancer cells. Our new work in immunology will be focused around creating therapeutics that seek to turn off the immune system and tackle conditions such as inflammation and auto-immune diseases.
"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."
For further information, please contact:
Redx Pharma Plc | T: 0151 706 4747 | |
Neil Murray, Chief Executive Company website: redxpharma.com | ||
Shore Capital (Nomad and Broker) | T: 020 7408 4090 | |
Bidhi Bhoma / Patrick Castle / Edward Mansfield | ||
KTZ Communications | T: 020 3178 6378 | |
Katie Tzouliadis |
About Redx Pharma Plc
Redx is focused on the development of proprietary, small molecule therapeutics to address areas of high, unmet medical need, principally in cancer, infection and immunology. By improving the characteristics of existing drug classes to create highly differentiated, novel, best-in-class drugs, Redx has already established a portfolio of 13 proprietary, (patent-protected) drug programs. Five programs have now achieved pre-clinical proof of concept, with relevance for respective therapies to treat MRSA, bone tumours, skin, brain, breast, pancreatic and blood cancers.