Extension to Termination of Convertible Loan Notes

Redx Pharma plc

10 July 2023

 

REDX PHARMA PLC

("Redx" or the "Company")

Extension to Termination Date of Convertible Loan Notes

Alderley Park, UK, 10 July 2023 Redx (AIM:REDX), the clinical-stage biotechnology company focused on discovering and developing novel, small molecule, targeted therapeutics for the treatment of fibrotic disease and cancer announces that the term of the convertible loan notes issued by the Company (the "Notes") to each of RM Special Holdings 3, LLC ("Redmile") and Sofinnova Crossover I SLP ("Sofinnova") (collectively, the "Lenders") pursuant to the Note Purchase Agreement dated 29 June 2020 between, amongst others, the Company and the Lenders ("the Agreement"), has been extended by twelve months to 4 August 2024, the fourth anniversary of the purchase date of the Notes, in accordance with and subject to, the terms and conditions of the Agreement.

About the Convertible Loan Notes

Details in relation to the Notes were first announced by the Company on 30 June 2020[1]. As at the date of this announcement, the total principal amount of the outstanding Notes issued by the Company to the Lenders is £17.1 million, of which Redmile holds Notes with an outstanding principal amount of approximately £11.2 million and Sofinnova holds Notes with an outstanding principal amount of approximately £5.9 million.

Each Lender is entitled, at any time, to convert all of part of its outstanding Notes into new ordinary shares in the Company at a conversion price per ordinary share of 15.5p, in accordance with the terms and conditions of the Agreement. Each Lender may also, prior to 4 August 2024, further extend the term of the outstanding Notes to the next anniversary of the purchase date.

For further information, please contact:
Redx Pharma Plc UK Headquarters Caitlin Pearson, Head of Communications  [e-mail] Lisa Anson, Chief Executive Officer		T: [phone]
US Office Peter Collum, Chief Financial Officer
SPARK Advisory Partners (Nominated Adviser)		T: [phone]
Matt Davis/ Adam Dawes
WG Partners LLP (Joint Broker)		T: [phone]
Claes Spång/ Satheesh Nadarajah/ David Wilson
Panmure Gordon (UK) Limited (Joint Broker)		T: [phone]
Rupert Dearden/ Freddy Crossley/ Emma Earl
FTI Consulting		T: [phone]
Simon Conway/ Ciara Martin

About Redx Pharma Plc

Redx Pharma (AIM: REDX) is a clinical-stage biotechnology company focused on the discovery and development of novel, small molecule, targeted therapeutics for the treatment of fibrotic disease, cancer and the emerging area of cancer-associated fibrosis, aiming initially to progress them to clinical proof of concept before evaluating options for further development and potential value creation. The Company's lead fibrosis product candidate, the selective ROCK2 inhibitor, zelasudil (RXC007), is in development for interstitial lung disease and commenced a Phase 2a trial for idiopathic pulmonary fibrosis (IPF) in October 2022, with topline data expected in Q1 2024. Redx's lead oncology product candidate, the Porcupine inhibitor RXC004, being developed as a targeted treatment for Wnt-ligand dependent cancers, is expected to report combination with anti-PD-1 Phase 2 data during 2023.  Redx's third drug candidate, RXC008, a GI-targeted ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, is progressing towards a CTA application at the end of 2023.  

The Company has a strong track record of discovering new drug candidates through its core strengths in medicinal chemistry and translational science, enabling the Company to discover and develop differentiated therapeutics against biologically or clinically validated targets. The Company's accomplishments are evidenced not only by its two wholly-owned clinical-stage product candidates and rapidly expanding pipeline, but also by its strategic transactions, including the sale of pirtobrutinib (RXC005, LOXO-305), a non-covalent (reversible) BTK inhibitor now approved by the US FDA for adult patients with mantle cell lymphoma previously treated with a covalent BTK inhibitor, and AZD5055/RXC006, a Porcupine inhibitor targeting fibrotic diseases including IPF, which AstraZeneca is progressing in a Phase 1 clinical study. In addition, Redx has forged collaborations with Jazz Pharmaceuticals, which includes JZP815, a pan-RAF inhibitor developed by Redx which Jazz is now progressing through Phase 1 clinical studies, and an early stage oncology research collaboration. 

To subscribe to Email Alerts from Redx, please visit: www.redxpharma.com/investor-centre/email-alerts/.   

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[1] https://www.redxpharma.com/wp-content/uploads/2018/12/Proposed-financing-of-30-million-via-issue-of-convertible-loan-notes-and-share-subscription-and-notice-of-General-Meeting.pdf

 

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