Redx Pharma plc Extension to Termination of Convertible Loan Notes (4181F)
10 July 2023 - 4:00PM
UK Regulatory
TIDMREDX
RNS Number : 4181F
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 GBP17.1 million, of which Redmile holds
Notes with an outstanding principal amount of approximately GBP11.2
million and Sofinnova holds Notes with an outstanding principal
amount of approximately GBP5.9 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 T: +44 (0)1625
UK Headquarters 469 918
Caitlin Pearson, Head of Communications
ir@redxpharma.com
Lisa Anson, Chief Executive
Officer
US Office
Peter Collum, Chief Financial
Officer
SPARK Advisory Partners (Nominated T: +44 (0)203
Adviser) 368 3550
Matt Davis/ Adam Dawes
WG Partners LLP (Joint Broker) T: +44 (0)203
705 9330
Claes Spång/ Satheesh Nadarajah/
David Wilson
Panmure Gordon (UK) Limited T: +44 (0)207
(Joint Broker) 886 2500
Rupert Dearden/ Freddy Crossley/
Emma Earl
FTI Consulting T: +44 (0)203
727 1000
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/ .
[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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