21 Dec 2020 12:26
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Redx Pharma plc
("Redx" or "the Company")
Results of Open Offer and General Meeting
Alderley Park, 21 December 2020 Redx Pharma (AIM: REDX), the drug discovery and development company focused on cancer and fibrosis announces the results of its Open Offer and General Meeting.
On 2 December 2020, Redx announced that it had conditionally raised £25.5 million by means of a Placing of 45,603,575 new Ordinary Shares (the "Placing Shares") at 56 pence per share (the "Issue Price"). In addition, all Qualifying Shareholders were provided with an opportunity to subscribe for an aggregate of up to 3,904,948 Open Offer Shares on the basis of 1 Open Offer Share for every 50 existing Ordinary Shares held on the Record Date, at the Issue Price.
The Company has conditionally raised £128,837 through the Open Offer, having received valid acceptances in respect of 230,066 Open Offer Shares from Qualifying Shareholders, representing approximately 5.89 per cent. of the Open Offer Shares offered. All eligible applications received from Qualifying Shareholders will be satisfied in full.
Directors participation was as follows:
Director |
Placing shares subscribed for |
Open offer shares subscribed for |
Post subscription holding | % of post transaction share capital |
Iain Ross | - | 35,130 | 251,000 | 0.09 |
Peter Presland | - | 27,376 | 146,225 | 0.05 |
Sarah Gordon Wild | 892,858 | - | 892,858 | 0.33 |
Lisa Anson | 89,286 | - | 89,286 | 0.03 |
The Placing and Open Offer was conditional, amongst other things, upon the passing of certain Resolutions at the General Meeting, held today at 11am. All the Resolutions proposed at the General Meeting were duly passed by the requisite majority.
The Placing Shares, the new Ordinary Shares to be issued pursuant to the Open Offer and the Conversion Shares are expected to be admitted to trading on AIM on 22 December 2020.
Capitalised terms used in this announcement shall, unless defined otherwise, have the same meaning as in the announcement of the Placing and Open Offer made by the Company on 2 December 2020.
For further information, please contact: | |
Redx Pharma Plc | T: +44 1625 469 918 |
Iain Ross, Chairman Lisa Anson, Chief Executive | |
SPARK Advisory Partners (Nominated Adviser) | T: +44 203 368 3550 |
Matt Davis/Adam Dawes | |
WG Partners LLP (Broker) | T: +44 20 3705 9330 |
Claes Spång/Chris Lee/David Wilson | |
FTI Consulting | T: +44 20 3727 1000 |
Simon Conway/Ciara Martin | |
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About Redx Pharma Plc
Redx Pharma (AIM:REDX) is focused on the discovery and development of novel targeted medicines for the treatment of cancer and fibrotic disease, aiming to progress them to clinical proof of concept. Redx's lead oncology asset, RXC004, is currently in a phase 1 study in patients with advanced malignancies with top line data expected in H1 2021 and the Company's selective ROCK2 inhibitor, RXC007, is expected to enter a phase 1 clinical study in H1 2021.
The Company's core capability of converting medicinal chemistry insights into differentiated and commercially attractive small molecule drug candidates against clinically validated targets has been recognized by others. Over the last three years the company has completed four major preclinical stage deals with AstraZeneca, Jazz Pharmaceuticals and Loxo Oncology (now Eli Lilly).