New Grant of Options

RNS Number : 1869M

Redx Pharma plc

20 May 2022

 

Redx Pharma plc

("Redx" or "the Company")

New Grant of Options

Alderley Park, 20 May 2022 Redx (AIM:REDX), the clinical stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announces that the Board has authorised the conditional grant of options to Peter Collum (Chief Financial Officer). Peter Collum is classed as a person discharging managerial responsibility ("PDMR") under EU Regulation 596/2014 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as set out further below.

The options are being granted at 60 pence per Ordinary Share, being the market price at close of business on Thursday 19 May, with the grant becoming unconditional once the Placing Shares announced yesterday have been admitted to trading on AIM, which is dependent, inter alia, on the passing by Shareholders of certain resolutions at the General Meeting of the Company being convened at 11.00 a.m. on 6 June 2022.

Once the option grant becomes unconditional, any subsequent vesting will be subject only to certain time criteria having been met.

Name	Position	Number of Options Conditionally Granted	Vesting Date	Total Options Held Following the Conditional Grant
Peter Collum (PDMR)	Chief Financial Officer	300,000	19 May 2025	1,800,000

Following the grants referred to above, and assuming the associated conditions are met in relation to the conditional grant, the Company will have granted options over a total of 38,251,728 Ordinary Shares representing 11.5 per cent. of the share capital in issue following completion of the Placing and the associated issue of 58,070,956 Ordinary Shares. The number of options that may be awarded under the Redx All Employee Share Option Scheme, and all prior share incentive plans, remains limited such that the aggregate number of Ordinary Shares of 1 pence each under option will be less than 15 per cent. of the total issued share capital of the Company.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities (PDMR) / person closely associated
a)	Name	Peter Collum
2.	Reason for the notification
a)	Position / status	Chief Financial Officer
b)	Initial notification / Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Redx Pharma plc
b)	LEI	213800HMS4EBXO589Y37
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over Ordinary Shares of 1 pence each in Redx Pharma plc ISIN for Redx Pharma plc Ordinary Shares: GB00BSNB6S51
b)	Nature of the transaction	Grant of options
c)	Prices(a) and volume(s)	Exercise Price Per Ordinary Share Volume 60 pence 300,000 Ordinary Shares
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	19 May 2022
f)	Place of the transaction	Outside a trading venue

For further information, please contact:
Redx Pharma Plc Caitlin Pearson, Head of Communications [e-mail] UK Headquarters 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, highly targeted therapeutics for the treatment of cancer and fibrotic diseases, aiming initially to progress them to clinical proof of concept before evaluating options for further development and potential value creation. Redx's lead oncology product candidate, the Porcupine inhibitor RXC004, commenced a Phase 2 programme in November 2021. The Company's selective ROCK2 inhibitor product candidate, RXC007, is in development for idiopathic pulmonary fibrosis and commenced a Phase 1 clinical trial in June 2021. Encouraging safety and pharmacokinetic data has been reported, and a Phase 2 clinical program is confirmed to start in 2022. Redx's third drug candidate, RXC008, a GI-targeted ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, is currently in pre-IND stage, with Phase 1 clinical studies expected to commence in 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 BTK inhibitor now in Phase 3 clinical development by Eli Lilly following its acquisition of Loxo Oncology and RXC006, a Porcupine inhibitor targeting fibrotic diseases including idiopathic pulmonary fibrosis (IPF), which AstraZeneca is progressing in a Phase 1 clinical study. In addition, Redx has forged collaborations with Jazz Pharmaceuticals. 

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