- Redx Phrama said it had extended its funding capabilities until July but was still in talks with investors regarding its longer-term funding options.

The company, which had been trying to extend its cash runway beyond the second quarter of 2019, said 'various management actions' combined with receipt of a loan repayment had extended the runway 'into July'.

'Furthermore, in recognition of the need to conserve cash, the group has initiated specific measures to reduce the company's operational cost base,' Redx said.

The company also said that it was attempting to strengthen its short-term financial position, via a short-term convertible debt financing and potential value realisation of a research programme through out-licensing.

'The board continues to be in active discussions with shareholders and third-party healthcare specialist investors regarding longer-term funding of the group,' RedX said.

'The board is greatly encouraged by the advanced state and positive nature of these various initiatives, although more time is required to conclude them and there is no guarantee that any of them will be concluded.'

At 1:24pm: [LON:REDX] Redx Pharma Plc share price was -0.75p at 5.25p

Story provided by