Redx Pharma plc Redx Pharma awarded US$1 million grant by CARB-X (0726B)

TIDMREDX

RNS Number : 0726B

Redx Pharma plc

30 March 2017

30 March 2017

AIM: REDX

REDX PHARMA PLC

("REDX" or "the Company" or "the Group")

Redx Pharma awarded US$1 million grant by CARB-X

- Redx selected as one of 11 initial candidates after competitive global selection process in recognition of innovative science programs

- Collaborative grant in anti-infectives enables Redx to advance its Gram-negative program with a prospective partner

Redx Pharma, the drug development company, is pleased to announce that it has been awarded a US$1 million grant by CARB-X, one of the world's largest public-private partnerships, launched in July 2016 to accelerate global antibacterial innovation and research. The 11 successful projects were selected through a competitive process from 168 applications from around the world. The awarded grants were based on the merits of each of the company's research proposals, as evaluated by the CARB-X Advisory Board and the CARB-X team.

Today's announcement by CARB-X showcases the first projects selected for the Powered by CARB-X portfolio, spotlighting Redx as a highly-respected partner of choice on a global stage. Redx will receive US$1 million over 18 months, with an option for future tiered milestone payments, to drive scientific progress against globally challenging drug resistant Gram-negative bacteria. This collaboration with CARB-X enables Redx to move its Gram-negative program into the next stage of development with a prospective partner.

Dr Neil Murray, Chief Executive Officer of Redx Pharma, said: "We are delighted to be collaborating with CARB-X, a truly innovative initiative that is targeting the development of new life-saving antibacterials and diagnostics. Receiving this grant today is testament to the great science that exists at Redx. This grant cements a path forward for our recently announced strategy, to secure external partners to ensure that our high quality anti-infective science will continue whilst we sharpen our focus on the clinical development of our oncology and immunology programs."

ENDS

For further information, please contact:

 
Redx Pharma Plc 
Neil Murray, Chief Executive Officer         T: +44 1625 
                                                 469 900 
Karl Hård, Head of Investor Relations   T: +44 7491 
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  Cantor Fitzgerald Europe (Nomad & Broker)    T: +44 20 
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Phil Davies/ Michael Reynolds 
 
 
  WG Partners LLP (Joint Broker)               T: +44 20 
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Claes Spång / Chris Lee / David 
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  Consilium Strategic Communications 
Amber Fennell/ Matthew Neal/ Melissa           T: +44 20 
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About Redx Pharma Plc

Company website: www.redxpharma.com

Redx is focused on the discovery and development of proprietary, small molecule therapeutics to address areas of high, unmet medical need, principally in cancer, immunology and infection providing a pipeline of assets to larger and emerging companies. By improving the characteristics of existing drug classes to create highly differentiated, novel, best-in-class drugs, Redx has already established a broad portfolio of proprietary drug programs.

About CARB-X

Website: carb-x.org

CARB-X was launched by the U.S. Department of Health and Human Services (HHS), Biomedical Advanced Research and Development Authority (BARDA) and the National Institute of Allergy and Infectious Diseases (NIAID). CARB-X is funded by BARDA and the Wellcome Trust, a global charitable foundation based in London. Wellcome announced today its funding share will amount to $US155.5 million dollars over five years. NIAID is providing support in the form of preclinical services. CARB-X is a non-profit effort headquartered at the Boston University School of Law. Other partners include the Broad Institute of MIT and Harvard, the Massachusetts Biotechnology Council (MassBio), the California Life Sciences Institute (CLSI), and RTI International. CARB-X was created is in response to the U.S. government's 2015 Combating Antibiotic Resistant Bacteria (CARB) initiative and the U.K. government's call in 2016 for a concerted global effort to tackle antibiotic resistance.

CARB-X is investing US$24 million immediately and up to US$24 million in milestone-based additional payments over three years to help 11 biotech companies and research teams in the U.S. and U.K. accelerate the development of new life-saving antibacterials and diagnostics aimed at treating infections caused by the world's deadliest antibiotic-resistant bacteria. Together with private funds from the companies, this could lead to an investment of more than US$75 million in successful projects.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 30, 2017 11:03 ET (15:03 GMT)