RedX Pharma PLC (LON:REDX) chief executive Lisa Anson has hailed “strong progress” with the company’s pipeline of drug candidates in the first half of its current year.
In its results for the six months to March 31, the drug discovery and development firm said it has successfully completed dosing of the first four patient cohorts in a Phase 1 clinical trial of its lead oncology asset, RXC004, adding that post-period it has also initiated a second clinical programme for RXC007, a selective Rho Associated Coiled-Coil Containing Protein Kinase 2 (ROCK2) inhibitor for development in idiopathic pulmonary fibrosis and potentially other fibrotic conditions.
READ: Redx Pharma targeting fibrosis as the company’s second wholly-owned drug candidate enters the clinic
The firm also said it has “significantly progressed” its partnered programs with Jazz Pharmaceuticals, as well as undertaken a number of board changes including the appointment of a chief medical officer and chief financial officer.
Looking ahead, RedX said it benefited from increased financial strength during the first half, and that it expects to successfully complete the Phase 1 study of RXC004 “very soon” which will allow it to select an appropriate dose to begin Phase 2 studies in the second half of 2021.
Looking at the numbers for the period, the company reported a cash balance of GBP39.9mln at the end of the six months, up from GBP1.9mln a year ago, giving it a cash runway through 2022. The firm also noted increased investment in research and development leading to increased operating expenses to GBP12.6mln from GBP5.2mln, while losses for the six months widened to GBP12.7mln from GBP4mln.
“We continue to make strong progress with our pipeline, with drug candidates from both our oncology and fibrosis programmes now in the clinic following RXC007, our ROCK2 selective inhibitor, initiating clinical trials. Furthermore, we expect to progress RXC004, our lead oncology asset, into Phase 2 studies in the second half of 2021, once we complete the Phase 1 study currently in the final patient cohort. We continue to be excited by the differentiated programmes in our growing pipeline and look forward to further progress at Redx”, CEO Anson said in a statement.
Shares in the company were steady at 66p in early trading on Monday.