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Redx Pharma reaches licence agreement with French manufacturer
Drug discovery and development company Redx Pharma has signed an option and licence agreement with French high-value compound developer Deinove for its anti-infective programme aimed at the treatment of multi-drug resistant Gram-negative bacteria.
The agreement, covering Redx's novel bacterial topoisomerase inhibitor (NBTI) programme, gives Deinove a nine-month option period to assess the programme for further development, with the AIM-quoted firm receiving option fees and payments on the exercise of the option, both of which are commensurate with an anti-infective programme.
Iain Ross, Redx Pharma's executive chairman, said, "We are very pleased to have partnered our NBTI program with Deinove who are committed to the development of anti-infectives and whose team has a proven track record of bringing products to market. With their experience in this area, we hope that they can successfully progress our NBTI programme towards the clinic. We had previously indicated our commitment to progressing anti-infectives research through a collaboration in the near term and are delighted to be making this announcement on schedule."
As of 1130 GMT, shares had slipped 2.22% to 11.00p.