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Redx Pharma preps for second round of RXC004 trials
Drug discovery and development Redx Pharma will restart early-stage clinical trials on its RXC004 product after a phase I/IIa assessment of the cancer drug was temporarily halted in March following concerns over dosing levels.
However, following talks with the Medicines and Healthcare Regulatory Agency, Redx will resume its study into RXC004 with a lower initial dose at the start of 2019.
Redx highlighted that no "off-target" side-effects had been observed and that its compound had appeared to act as expected.
The AIM-quoted firm also issued a trading update on Wednesday morning, stating that the group was in a financially strong position with a bank balance of just over £10m as of 31 March after cutting around £7m worth of costs on an annualised basis.
Post period end, and effective 1 June, Lisa Anson, then president of AstraZeneca UK, would take over as the outfit's new chief executive.
Redx's narrowed its losses 57% to £4.6m over the six month period.
Iain Ross, Redx Pharma's executive chairman, said, "We have continued to advance our R&D programmes and achieved substantial cost savings across the business. Based upon the outcome of discussions with the regulators our plans are to re-introduce RXC004 into the clinic and we continue to expect to enrol additional patients into the amended phase I/IIa clinical trial early next year."
As of 1400 BST, Redx shares had collected 6.67% to 14.40p.