International legal practice Osborne Clarke has advised WG Partners LLP, Panmure Gordon (UK) Limited and Stifel Nicolaus Europe Limited on the conditional £34.3 million placing for AIM-quoted Redx Pharma plc, the clinical-stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease.
The net proceeds of the fundraise are expected to fund the anticipated progression of Redx's clinical development and research stage programmes to important value inflection points through 2023, including by
- reporting topline Phase 2 data from PORCUPINE and PORCUPINE2 clinical trials to establish human proof of concept of RXC004 as a monotherapy in patients with genetically selected microsatellite stable metastatic colorectal cancer (MSS mCRC), pancreatic cancer and unselected biliary cancer, as well as a combination therapy with an anti- PD-1 in MSS mCRC and biliary cancer;
- reporting topline Phase 2a data from clinical trial with RXC007 to obtain early efficacy, safety, PK/PD in idiopathic pulmonary fibrosis (IPF). RXC007 is a highly selective Rho Associated Coiled-Coil Containing Protein Kinase 2 (ROCK2) inhibitor; and
- progressing RXC008, a GI-targeted ROCK inhibitor, through preclinical development to IND submission for fibrostenotic Crohn’s disease.
The fundraise, which was announced yesterday (18 May 2022), is conditional on approval of shareholders at a general meeting on 6 June 2022.
WG Partners is acting as global coordinator and WG Partners, Panmure Gordon and Stifel are acting as joint bookrunners in connection with the placing. SPARK Advisory Partners is acting as Redx's nominated adviser.
This fundraise further showcases Osborne Clarke's growing strength in advising on public transactions in the life sciences and healthcare sector, spearheaded in London by Corporate Partner Matthew Edwards. The Osborne Clarke team that advised on this transaction was led by Associate Director Ed Nisbet who was assisted by Senior Associate Stuart Miller. Matthew, Ed and Stuart also advised WG Partners on Redx's £27.7 million fundraise in December 2020.
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies (in the life sciences & healthcare sector and beyond), working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to strategic M&A, IPOs and JVs.