27th Jan 2021 14:06
Redx Pharma PLC - Macclesfield, England-based treatments for cancer and fibrotic disease - Reports pretax loss for the year ended September 30 was GBP9.2 million, widened from GBP6.3 million the previous year. Says revenue was GBP5.7 million, up 84% from GBP3.1 million in 2019, which was derived from the RXC006 out-licensing agreement with British-Swedish pharmaceutical company AstraZeneca PLC, and the existing and new collaboration agreements with Irish biopharmaceutical firm Jazz Pharmaceuticals PLC. Operating expenses increase to GBP14.2 million from GBP10.2 million.
"Redx has overcome the common industry challenge of funding and has ended the period with a strong balance sheet and the backing of new specialist life science investors. Despite clinical development challenges that have affected us, as well as many other companies in our sector, as a result of the global Covid-19 pandemic, Redx has managed to progress its pipeline, further developing its lead programmes in oncology and fibrosis, and is on track to deliver on key milestones in 2021," says Non-Executive Chair Iain Ross.
Current stock price: 67.20 pence, up 14% on Wednesday
Year-to-date change: up 7.5%
By Zoe Wickens; [email protected]
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