Redx slumps, as RXC004 top-line Phase II trial misses goal

UK biotech Redx Pharma (AIM: REDX) added to its woes, announcing that top-line results of its Phase II program were not sufficient enough to support the development of its RXC004 treatment as a monotherapy.

Redx, which last month suffered a setback with the US Food and Drug Administration (FDA) issuing a partial clinical hold on its investigational investigating RXC007 in idiopathic pulmonary fibrosis, saw its shares fall nearly 17% to $34.15 this morning. Redx last month also announced a planned merger with US firm Jounce Therapeutics (Nasdaq: JNC), which will result in a Nasdaq listing.

RXC004 is an orally active, once daily, porcupine inhibitor being developed as a targeted treatment for Wnt-ligand dependent cancers. The objective of the Phase II program is to provide an initial assessment of the efficacy and safety of the drug both as a single agent and in combination with anti-PD-1 therapy, in patients with certain Wnt-ligand dependent solid tumors whose cancers have progressed following standard of care therapies.