REDX PHARMA HAILS TRANSFORMATIONAL YEAR

Liverpool-headquartered drug developer Redx Pharma has hailed the strong progress it has made in a "transformational year" after posting its maiden set of results as a listed company.

The business, which recorded pre-tax losses of £8.8m for the year, said that joining AIM has helped to expand its operations and opens up further opportunities.

According to its latest set of results, Redx reported losses before income tax of £8.8m in the year to 30 September 2015, compared to £4.3m in the prior year. The company's net losses were £8.2m in 2014/15 as opposed to £3.4m in 2013/14.

Meanwhile, the group told investors that it generated other operating income of £2.6m during the year. This comprised £1.3m in respect of income recognised from the Royal Liverpool and Broadgreen Hospitals NHS Trust in support of its MRSA programme and £1.3m in respect of Regional Growth Fund grants.

Redx also revealed that it had net cash at 30 September 2015 of £9.4m, up from £2.9m a year earlier.

Neil Murray, chief executive of Redx Pharma, said: "I am delighted with the strong progress Redx has made in this transformational year. Joining AIM has helped us expand our operations, including into immunology research and opens up further opportunities for the business.

"In our existing research areas in oncology and anti-infectives, we achieved in vivo proof of concept in a further two programs and progressed three drug candidates into formal pre-clinical development. We look forward to building on this success in 2016 as we also look to secure further commercial partnerships and broaden Redx's capability and asset base."

Redx completed an initial public offering in March 2015, raising gross proceeds of £15m and giving it a market capitalisation at admission of £55.2m.

Source: Theinsider 

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