Redx Pharma revenue up 84% but loss widens

RedX Pharma CEO Lisa Anson

Shares of Macclesfield-based Redx Pharma plc rose as much as 10% on Wednesday after it published financial results for the year ended September 30, 2020, as well as an operational update.

Revenue rose 84% to £5.7 million but the firm’s loss for the year widened to £9.2 million from £4.3 million.

Redx shares have soared more than 700% in the past 12 months amid two significant “partnering deals” with AstraZeneca and Jazz Pharmaceuticals.

Redx Pharma CEO Lisa Anson said: “We are excited to report on the growing strength and capabilities of Redx.

“Over the past 12 months, with highly experienced scientific and management teams in place, we have made significant progress with our pipeline as we continue to apply our distinctive approach to drug discovery.

“In further recognition of our capabilities we also completed two significant partnering deals with AstraZeneca and Jazz Pharmaceuticals.

“Having now gained the backing of key specialist life science investors, we start 2021 in a strong and confident position.

“Key milestones lie ahead of us in the coming months.

“I look forward to reporting on these as we continue on our journey to becoming a leading biotech company focused on the development of novel targeted medicines that have the potential to transform the treatment of cancer and fibrosis.”