Seneca Partners are delighted to announce the listing of EIS portfolio company, Redx Pharma on the AIM stock exchange at a market cap of £55m, raising £15m of capital to support the continued growth of the business. The AIM float price also provides the Seneca EIS Portfolio Service investors with a healthy uplift on their original subscription price.
Established in 2010 and based at two sites, in Liverpool and Alderley Park, Cheshire, Redx is a drug discovery and development company focused on the development of proprietary, small molecule therapeutics to address areas of unmet medical need, principally in cancer and infectious disease.
Redx has secured high profile partnerships and collaborations as part of its business model, the most significant being a two-year research collaboration and option agreement with AstraZeneca and an innovative partnership with the NHS.
The proceeds of the placing amount to £15m. This will progress the company’s current pipeline of oncology and infectious disease assets, therefore, potentially providing further license and collaboration deals. It will also support the launch of a third subsidiary focused on immunology.
The Seneca EIS portfolio has been a material investor into Redx Pharma since 2013. Richard Manley, director at Seneca Partners commented,
“Redx Pharma’s growth from start-up to one of the leading cancer and infectious disease research companies in Europe looked an exciting investment from the outset. The placement is a clear validation of Seneca’s investment strategy; we focus on backing the most exciting growing businesses with a competitive advantage in their sector that can deliver growth whilst also providing an exit for investors within 3-4 years.
It is particularly rewarding to support a portfolio company all the way to an AIM listing. The company’s strong management team and sound development plan made the company stand out and we are all very confident about the company’s next stage of development.”
Neil Murray, Chief Executive Officer of Redx, commented:
“This placing and Redx’s admission to AIM mark another step in the Company’s development and the prospects for Redx look exciting. We have a very promising pipeline of potential drug candidates, in two areas of high unmet need, cancer and infection. Alongside this we have strong partnerships and collaborations – including with AstraZeneca and the NHS. Our approach – to focus on improving existing drug classes and to partner early – has helped us to establish Redx as a highly attractive pipeline generator to large pharma and emerging life science companies. We look forward to reporting on the Company’s continuing progress as an AIM-quoted company.”
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