Alderley Park-based Redx Pharma announced it made a loss of £20.8 million for the six months ended March 31, 2023, “driven by lower revenue, higher R&D expense and reverse merger transaction expenses.”

On March 27, Redx announced that its $425 million all-share merger agreement with Massachusetts-based Jounce Therapeutics had fallen through.

Redx reported a cash balance at March 31, 2023, of £34.6 million “sufficient to fund the company into Q1 2024.”

Revenue in the six months fell to £2.3 million from £8.3 million in the same period of the prior year.

Redx Pharma CEO Lisa Anson said: “During the six months to 31 March 2023 the company has prioritised our industry-leading ROCK portfolio where we have made very significant progress.

“Our lead asset RXC007, a next-generation selective ROCK2 inhibitor, is progressing well through a Phase 2a clinical trial in idiopathic pulmonary fibrosis (IPF), with topline data expected in Q1 2024. 

“Our first-in-class GI-targeted ROCK inhibitor, RXC008, is on track for a CTA submission in H2 2023 to become our second ROCK programme in clinical development.

“We also look forward to the important RXC004 Phase 2 combination data due at the end of 2023 and remain well positioned to deliver multiple near-term value inflection points.”