Redx Pharma plc Results of Open Offer and General Meeting (3958J)

TIDMREDX

RNS Number : 3958J

Redx Pharma plc

21 December 2020

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Redx Pharma plc

("Redx" or "the Company")

Results of Open Offer and General Meeting

Alderley Park, 21 December 2020 Redx Pharma (AIM: REDX), the drug discovery and development company focused on cancer and fibrosis announces the results of its Open Offer and General Meeting.

On 2 December 2020, Redx announced that it had conditionally raised GBP25.5 million by means of a Placing of 45,603,575 new Ordinary Shares (the "Placing Shares") at 56 pence per share (the "Issue Price"). In addition, all Qualifying Shareholders were provided with an opportunity to subscribe for an aggregate of up to 3,904,948 Open Offer Shares on the basis of 1 Open Offer Share for every 50 existing Ordinary Shares held on the Record Date, at the Issue Price.

The Company has conditionally raised GBP128,837 through the Open Offer, having received valid acceptances in respect of 230,066 Open Offer Shares from Qualifying Shareholders, representing approximately 5.89 per cent. of the Open Offer Shares offered. All eligible applications received from Qualifying Shareholders will be satisfied in full.

Directors participation was as follows:

 
                                                                                       % of post 
                     Placing shares            Open offer     Post subscription      transaction 
   Director              subscribed     shares subscribed               holding    share capital 
                                for                   for 
 Iain Ross                        -                35,130               251,000             0.09 
                  -----------------  --------------------  --------------------  --------------- 
 Peter Presland                   -                27,376               146,225             0.05 
                  -----------------  --------------------  --------------------  --------------- 
 Sarah Gordon 
  Wild                      892,858                     -               892,858             0.33 
                  -----------------  --------------------  --------------------  --------------- 
 Lisa Anson                  89,286                     -                89,286             0.03 
                  -----------------  --------------------  --------------------  --------------- 
 

The Placing and Open Offer was conditional, amongst other things, upon the passing of certain Resolutions at the General Meeting, held today at 11am. All the Resolutions proposed at the General Meeting were duly passed by the requisite majority.

The Placing Shares, the new Ordinary Shares to be issued pursuant to the Open Offer and the Conversion Shares are expected to be admitted to trading on AIM on 22 December 2020.

Capitalised terms used in this announcement shall, unless defined otherwise, have the same meaning as in the announcement of the Placing and Open Offer made by the Company on 2 December 2020.

 
For further information, please contact: 
 
Redx Pharma Plc                              T: [phone] 
                                              918 
Iain Ross, Chairman 
 Lisa Anson, Chief Executive 
 
SPARK Advisory Partners (Nominated Adviser)   T: [phone] 
                                               3550 
Matt Davis/Adam Dawes 
 
WG Partners LLP (Broker)                     T: [phone] 
                                              9330 
Claes Spång/Chris Lee/David Wilson 
 
 
FTI Consulting                               T: [phone] 
                                              1000 
Simon Conway/Ciara Martin 
 
 

About Redx Pharma Plc

Redx Pharma (AIM:REDX) is focused on the discovery and development of novel targeted medicines for the treatment of cancer and fibrotic disease, aiming to progress them to clinical proof of concept. Redx's lead oncology asset, RXC004, is currently in a phase 1 study in patients with advanced malignancies with top line data expected in H1 2021 and the Company's selective ROCK2 inhibitor, RXC007, is expected to enter a phase 1 clinical study in H1 2021.

The Company's core capability of converting medicinal chemistry insights into differentiated and commercially attractive small molecule drug candidates against clinically validated targets has been recognized by others. Over the last three years the company has completed four major preclinical stage deals with AstraZeneca, Jazz Pharmaceuticals and Loxo Oncology (now Eli Lilly).

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December 21, 2020 07:26 ET (12:26 GMT)