Fire sale complete, Redx Pharma could be back in business soon

13 October 2017

UK biotech firm Redx Pharma (AIM: RDX) is one step closer to being able to exit administration and recommence trading on the London Stock Exchange.

Earlier this year the company was forced to sell off its Bruton's tyrosine kinase (BTK) inhibitor technology and drug discovery program to Loxo Oncology (Nasdaq: LOXO) for $40 million, due to a local government body calling in an outstanding $4.6 million debt.

Administrators have now applied to the UK High Court for an order which would enable Redx and its subsidiary Redx Oncology to be rescued as going concerns.

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