Redx Pharma has two in-house clinical programmes, of which RXC004, a Porcupine inhibitor, is poised to start Phase II trials. Data from the Phase I monotherapy study were presented at ESMO showing RXC004 to be safe and well tolerated at doses up to 2mg. Treatment related adverse events were dose-related and in line with the “ontarget” effects of Porcupine inhibition. While the 25 patients studied were not genetically selected, there were encouraging signals of activity in those with Wnt ligand driven tumours, with five of seven such patients showing stable disease. The Phase II programme will evaluate activity in Wnt ligand driven tumours in pancreatic, biliary, and MSS metastatic colorectal cancers. Redx’s last reported cash of £39.9m provides funding through to end-2022, covering several important value inflection points. Our current rNPV-based valuation is £350.7m, equivalent to 128p/share; start of RXC004 Phase II studies would prompt an increase to £398.8m, or 145p/share.
