Date: 2015-01-12
Type of information: IPO
Company: RedXPharma (UK)
Investors:
Amount: £15 million
Funding type: IPO
Planned used: Redx Pharma is focused on the development of proprietary, small molecule therapeutics to address areas of high unmet medical need principally in two areas, cancer and infectious disease. Redx’s work to date has been endorsed by partnerships with global pharmaceutical companies and the NHS. Redx has secured three commercial contracts and two collaborations in the last 18 months, including an agreement with AstraZeneca in August 2014 and an agreement with Pierre Fabre Laboratories in March 2014. Current pipeline consists of 13 programmes, which are at different stages of progression. Four programmes have achieved pre-clinical proof of concept, with relevance for respective therapies to treat MRSA, bone tumours, skin, brain and blood cancers. The net proceeds of the Offer will be used to progress the Group’s current pipeline of oncology and infectious disease assets to stages which will support achievement of planned milestones and further licence and collaboration deals. These funds will also be used to support the launch of a third therapeutic subsidiary focused on immunology, supported by grant funding from Regional Growth Fund Round. The Company has also signed an innovative partnership with the NHS, working with The Royal Liverpool and Broadgreen University Hospital Trust on new drugs to tackle drug-resistant bacteria, including MRSA. Its other commercial contracts and collaborations are with the European Innovative Medicines Initiative to develop novel antibiotics against gram-negative pathogens and the National Institute of Allergy and Infectious Diseases for influenza-related drug programmes.
Others: * On March 27, 2015,RedxPharma announced that admission and trading of its Ordinary Shares have commenced on AIM, with the ticker REDX. Redx has placed 17,647,059 New Ordinary Shares at 85p per share to raise £15 million (gross). Shore Capital is acting as the Group's Nominated Adviser and Broker and acted as sole bookrunner to the Placing. At the Placing Price, Redx's market capitalisation is approximately £55.2 million on Admission. The Placing Shares represent approximately 27.2 per cent. of the Enlarged Share Capital. * On January 12, 2015, RedxPharma has announced its intention to proceed with an initial public offering. The Company intends to apply for admission of its ordinary shares to trading on AIM. The Offer will comprise a placing of new Shares with institutional and professional investors raising gross proceeds of approximately £20.0 million for the Company. There is no secondary offer of Shares on behalf of existing shareholders. Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited are acting as Nominated Adviser and Broker in relation to the Offer.
Therapeutic area: Cancer - Oncology - Infectious diseases
