Trinity Delta view: Successfully raising money against a challenging environment for the sector, coupled with the current macroeconomic backdrop, is a testament to strength of the Redx Pharma investment case. Doing so without a share price discount and raising more than expected suggests the quality of the equity story is beginning to be truly appreciated. The fund raise removes a financial overhang, providing an extra year of cash runway through to key data points. We believe Redx Pharma has a well-balanced clinical pipeline of in-house and partnered assets that should provide a stream of news flow over the next 12-18 months as development progresses. The quality of the discovery engine should also deliver three wholly owned IND assets by 2025. We intend to review our rNPV model following this placing and issue a revised valuation as soon as practicable.
07 Jun 2022
Trinity Delta Lighthouse: Redx Pharma
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Trinity Delta Lighthouse: Redx Pharma
Redx Pharma Plc (REDX:LON), 12.8 | Redx Pharma Plc (REDX:LON), 12.8
- Published:
07 Jun 2022 -
Author:
Franc Gregori | Lala Gregorek | Philippa Gardner -
Pages:
2
Trinity Delta view: Successfully raising money against a challenging environment for the sector, coupled with the current macroeconomic backdrop, is a testament to strength of the Redx Pharma investment case. Doing so without a share price discount and raising more than expected suggests the quality of the equity story is beginning to be truly appreciated. The fund raise removes a financial overhang, providing an extra year of cash runway through to key data points. We believe Redx Pharma has a well-balanced clinical pipeline of in-house and partnered assets that should provide a stream of news flow over the next 12-18 months as development progresses. The quality of the discovery engine should also deliver three wholly owned IND assets by 2025. We intend to review our rNPV model following this placing and issue a revised valuation as soon as practicable.