Redx Pharma plc Update on Plans to Strengthen Balance Sheet (0494Y)
03 May 2019 - 8:34PM
UK Regulatory
TIDMREDX
RNS Number : 0494Y
Redx Pharma plc
03 May 2019
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF
THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN
REDX PHARMA PLC
("Redx" or "the Company" or "the Group")
Update on Plans to Strengthen Balance Sheet
Alderley Park, 3 May 2019 Redx (AIM: REDX), the drug discovery
and development company focused on cancer and fibrosis, is today
providing an update on its ongoing plans to strengthen the Group's
balance sheet.
As highlighted in the final results announcement released on 19
November 2018, the Board is committed to strengthening the Group's
balance sheet in order to extend the cash runway beyond the second
quarter of 2019.
Since then various management actions, coupled with the
previously announced receipt of a loan repayment, have extended the
cash runway into July of this year. Furthermore, in recognition of
the need to conserve cash, the Group has initiated specific
measures to reduce the company's operational cost base.
In addition, the Board is looking to further strengthen the
Group's short-term financial position through two specific
initiatives: short-term convertible debt financing and potential
value realisation of the pan-RAF research programme through
outlicensing.
The Board continues to be in active discussions with
shareholders and third-party healthcare specialist investors
regarding longer-term funding of the Group.
The Board is greatly encouraged by the advanced state and
positive nature of these various initiatives, although more time is
required to conclude them and there is no guarantee that any of
them will be concluded. Further announcements will be made in due
course.
For further information, please contact:
Redx Pharma Plc T: +44 1625 469
920
Lisa Anson, Chief Executive Officer
Iain Ross, Chairman
Cantor Fitzgerald Europe (Nominated Advisor & T: +44 20 7894
Joint Broker) 7000
Phil Davies
WG Partners LLP (Joint Broker) T: +44 20 3705
9330
Claes Spång/ Chris Lee/ David Wilson
FTI Consulting T: +44 20 3727
1000
Simon Conway/Ciara Martin
About Redx Pharma Plc
Redx is a UK based biotechnology company whose shares are traded
on AIM (AIM:REDX). Redx's vision is to become a leading biotech
focused on the development of novel precision medicines that have
the potential to transform treatment in oncology and fibrotic
diseases.
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END
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