red fox
30 May 2018
Clinical Trials to restart From Proactive InvestorsRedx Pharma plc(LON:REDX) shares gained on Wednesday as the group confirmed it will restart early-stage clinical trials on its cancer drug after discussion with the regulator.The phase I/IIa assessment of RXC004 was halted in March amid concerns the initial dosing was too high. Crucially, there were no other 'off-target' side-effects, while the compound appeared to act in the way expected. Following talks with the Medicines and Healthcare Regulatory Agency, work will restart early next year at a lower initial dose.The update was provided alongside first-half results, which showed Redx to be in a financially strong position with just over £10mln in the bank as at March 31.The company, which recently unveiled senior AstraZeneca executive Lisa Anson its new chief executive, has also managed to cut £7mln from costs on an annualised basis. It meant that Redx's loss fell to £4.6mln in the six months from £10.7mln."I am pleased with the progress that Redx has made in the past six months," said chairman Iain Ross. "We have continued to advance our R&D programmes and achieved substantial cost savings across the business."[link]
pendil
24 Apr 2018
Re: Redx appoints former AZK UK president as... Yes, her appointment has clearly improved confidence, which at this stage is what it is all about.
red fox
24 Apr 2018
Redx appoints former AZK UK president as new CEO Redx appoints former AstraZeneca UK president Lisa Anson as new chief executive officer. She has an impressive CV and presumably thinks Redx will be successful. [link]
red fox
24 Mar 2018
Deinove takes option on antibiotic portfolio From The Pharma Letter trade magazine...'French biotech company Deinove (Euronext Growth Paris: ALDEI) has signed a license option agreement with British firm Redx Pharma (AIM: REDX) for the acquisition of its first-in-class anti-infective program, novel bacterial topoisomerase inhibitor (NBTI).Although no financial terms of the deal were provided, it is good news for Redx, which only last November exited administration as a going concern. However, the company’s shares dipped 2.2% to 11.00 pence in mid-morning trading.Redx announced in March 2017 that it would concentrate on the development of its cancer and fibrosis products and would look to partner its anti-infective programs.In addition to the AGIR program, which consists of the systematic exploration of new bacterial strains with antibiotic activity, Deinove today acquires an optimized program targeting multi-resistant Gram-negative bacteria such as Acinetobacter baumanni and Pseudomonas aeruginosa. These bacteria are part of the list of the 12 most dangerous pathogens for human health, published by the World Health Organization in 2017. They are responsible for diseases such as hospital acquired pneumonia, which affects 750,000 patients per year in Europe and the USA.The NBTI program developed by Redx covers a new class of antibiotics targeting bacterial type II topoisomerase. It was selected in 2017 (along with 10 other programs among 168 applications) by the CARB-X consortium, one of the world's largest public-private initiatives supporting research and innovation against antibiotic resistance. This program is undergoing optimization and a thorough in vivo evaluation confirming its potential in terms of both efficacy and safety. Deinove will continue the optimization and selection work for a possible regulatory preclinical entry of one or more molecules.The agreement signed today is for an exclusive licensing option, with Deinove having nine months to confirm its interest in this series of molecules and exercise the option. The transaction includes an undisclosed upfront payment and a supplement to the exercise of the option.'[link]
reader61
12 Jan 2018
Re: But not doing very well good reasoned response Pendil, many thanks.
pendil
11 Jan 2018
Re: But not doing very well Yes it is dropping, but on tiny volume. Nothing has changed since it returned from suspension but the price is always going to drift between announcements as one or two existing holders lose patience or are forced to sell and nobody has a new reason to buy. Price is likely to spike up on a positive announcement (e.g start of clinical trials for the porcupine inhibitor expected this quarter) and then drift down again.Given the lack of liquidity it is one to buy and hold if you believe in its technology. Redx was not refinanced - it raised finance by selling off one of its more advanced products for about $40m, but not according to management its most promising one. So there is an implication that the other lead candidate is worth more and there are a few other drugs in the pipeline so the total value is probably very considerably more than the current enterprise value of about £10m. If the products develop positively that value will increase further although of course there is also the risk that individual compounds fail and become worthless. The risk of failure is arguably lower than for other drug developers given that the technology involves altering existing drugs which should avoid toxicity issues. Key of course is that management takes a very commercial approach to the drug development process. Old management rather let technical success go to their head whilst new management, particularly learning from the recent brush with death, sound like they are going to be much more commercially driven. It's always good to readdress the merits of a share and, having done this, I think I will take the opportunity to pick up a few more shares at this price before someone else does!
reader61
10 Jan 2018
But not doing very well Share sliding slowly into oblivion? Wonder why this was rescued if it's not going anywhere, someone must have refinanced the company after the hubris of the directors ground them to dust,
Pyatnitsky
06 Nov 2017
Re: Back from the dead Back in August I thought the share price on resumption would be 10p after a cursory look at the administrators report. So numberbiter, I appreciate your wit but my optimism has been proved correct on this occasion. Sadly, and a lot more expensively, not on other occasions.
pendil
06 Nov 2017
Back from the dead It's a pretty unusual share to come back from administration. Administration must have cost about £10m (repayment of RGF grant which they did well to negotiate down from £10m to £6.5m, plus the actual administration costs). Administration should not have happened but clearly the finances were a bit dodgy even if Liverpool Council had held off. As it is, with the sales proceeds from the one program, they are now better financed and from the chairman's statement it looks like they will now be much more commercial and hard headed and only pursue programmes they see as being economic and also will keep a grip on the financing. They won't want the same thing to happen again! In the end, administration may just have been the kick up the backside they needed to bring in what is now a largely new board.Obviously this sort of co. is hard to value and in the short term sentiment is all that matters. So the share price reaction today is not bad. Certainly there is the potential for it to increase substantially from here as the existing programs develop.
reader61
03 Nov 2017
Court Hearing Was 26th Oct, unsecured creditors should find out what's going on shortly and how much if anything the shares are worth as they begin to trade on AIM again.
reader61
26 Sep 2017
Re: Share price on resumption Total hubris, they thought and acted like a ftse100 and believed they could treat creditors badly. Now, hopefully the board have all lost their jobs and fancy share options whilst someone else deals with the mess they made.
Snapper005
23 Sep 2017
Re: Share price on resumption I agree it looks like there will be about 8p per share left after all creditors have been paid BUT that doesn’t take into account the enterprise value of the porcupine inhibitor.The BXT sale realised $40m or about 25p/share (and recall BTX is not first in class, whereas the porcupine is) so on the basis porcupine is worth as least as much as BXT I see 33p as being a floor for the shares. If the porcupine was worth less than BXT surely they would have sold that instead.You have to question though why the management allowed this situation to develop – I would guess hubris!
numberbiter
18 Aug 2017
Re: Share price on resumption I like you 'hold' recommendation, which has to be right because there is no other choice - the shares are suspended. The company is dead and buried; all you are waiting for is to find out how much is left after all creditors have been paid off and the administrators fees have been paid. I wouldn't hold your breath!
Pyatnitsky
10 Aug 2017
Share price on resumption Book value looks to be around 10p per share from the administrators report.
Frankers70
02 Aug 2017
Re: Share price on resumption Yeah interesting. If it re-opens circa where it was before suspension, around the 33p mark, then all things considered I'd be fairly happy. Guess we'll just have to sit and wait...appreciate your thoughts Pendil.
