Redx Pharma conditionally raises £14.1 million via a subscription of shares from existing investors
October 2023
Redx Pharma plc is an AIM listed clinical-stage biotechnology company focused on discovering and developing novel, small molecule, targeted therapeutics for the treatment of fibrotic disease and cancer.
The additional funding will extend the company’s cash runway from early 2024 into the third quarter, enabling them to achieve critical milestones in their portfolio development plan.
One of the key highlights is the Phase 2a data release for their lead asset, the selective ROCK2 inhibitor known as Zelasudil, with a focus on treating Idiopathic Pulmonary Fibrosis (IPF). IPF is a severe lung condition with limited treatment options, making this development crucial for patients.
Additionally, Redx Pharma is initiating a Phase 1 trial for their oral pan-ROCK inhibitor, RXC008, targeting Fibrostenosis in Crohn’s disease patients. This innovative approach offers hope to patients facing invasive surgery as the only current treatment option.
Proposed Subscription
The proposed Subscription was completed by way of an offer for 54,074,458 Subscription Shares at 26 pence per Subscription Share raising £14.1 million.
Having helped Redx with the design and production of their annual report since 2018, the Perivan shareholder communications team was delighted to work with Cooley who acted as legal adviser on the Subscription documentation which was successfully completed and posted to qualifying shareholders on 18th October 2023.
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Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds.
