StockMarketWire.com - Oncology and fibrosis-focused drug developer Redx Pharma swung to an annual loss after emerging from administration in November and slashing its headcount.

The company also announced that it had appointed James Mead as its chief financial officer, replacing interim CFO Dominic Jackson. Mead had previously served as CFO of AstraZeneca Netherlands. Pre-tax losses for the year through September amounted to £10.2m, compared to a profit of £2.0m on-year.

Staff redundancy costs were £0.8m as headcount fell to 131 in 2017, and then to 51 by the end of September.

Redx said it was on track to recommence a clinical trial of treatment candidate RXC004, at a significantly lower dose, in the first half of 2019, which would generate headline results in mid-2020.

The first cancer patient was dosed in February ahead of the trial being temporarily suspended in March following the emergence of serious adverse events that were consistent with 'on-target' effects due to higher than expected systemic drug levels.

'This set of results confirms that Redx is operationally, a stronger and leaner company led by an ambitious new management team, with a clear strategic direction,'chairman Iain Ross said.


At 8:17am: [LON:REDX] Redx Pharma Plc share price was -0.25p at 6.35p



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