Redx Pharma, a drug discovery and development company, has sealed a long-term funding deal that will see it list on the US-based Nasdaq exchange as Fibrx Therapeutics.
Based in Macclesfield, Redx is a clinical-stage biotechnology company focused on the development of novel, small molecule, targeted medicines for the treatment of fibrotic disease.
The news follows the announcement that Redx and Sky Bioscience Inc have agreed a ‘transaction agreement’ amid a $125 million financing deal with new and existing investors.
A subscription agreement for Series A financing of $36m has been led by new Redx investor Abingworth, and includes the British Business Bank as well as Redx’s existing majority shareholder, Redmile.
Skye will then acquire the entire issued share capital of Redx after it entered into a securities purchase agreement with the syndicate – made up of Abingworth, British Business Bank, Redmile, NEXTBio Capital and 5AM Ventures – for a private placement financing of approximately $68m.
Skye has also entered into an agreement with a fund affiliated with Redmile for a committed equity line facility of up to $22m. It will then issue to Redmile a warrant to purchase shares of common stock valued at $5m.
The boards of directors of both companies have unanimously approved the transaction, with an expected close in Q4 2026.
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The combined company will then be led by Redx’s current management team and board of directors. The deal will fund Fibrx’s operations into 2029 and through key clinical milestones, including topline data from the RXC008 Phase 2 clinical study, expected in H2 2028.
RXC008 is a potential first-in-class inhibitor for the treatment of fibrostenotic Crohn’s disease.
Lisa Anson (pictured), CEO of RedX Pharma, said: “Exciting times now at Redx – a major achievement from our amazing team to get fully funded and heading for Nasdaq… time to get our phase 2 started.
“We believe this is an exciting opportunity to be a leader in developing a therapeutic option for patients suffering with fibrostenotic Crohn’s disease, considered by many to be one of the largest unmet medical needs in IBD (Inflammatory Bowel Disease), by directly targeting fibrosis in stricturing disease for which there is currently no treatment option other than surgery.”