20 May 2022 07:00
Redx Pharma plc
("Redx" or "the Company")
New Grant of Options
Alderley Park, 20 May 2022 Redx (AIM:REDX), the clinical stage biotechnology company focused on discovering and developing novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic disease, announces that the Board has authorised the conditional grant of options to Peter Collum (Chief Financial Officer). Peter Collum is classed as a person discharging managerial responsibility ("PDMR") under EU Regulation 596/2014 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as set out further below.
The options are being granted at 60 pence per Ordinary Share, being the market price at close of business on Thursday 19 May, with the grant becoming unconditional once the Placing Shares announced yesterday have been admitted to trading on AIM, which is dependent, inter alia, on the passing by Shareholders of certain resolutions at the General Meeting of the Company being convened at 11.00 a.m. on 6 June 2022.
Once the option grant becomes unconditional, any subsequent vesting will be subject only to certain time criteria having been met.
Name | Position | Number of Options Conditionally Granted | Vesting Date | Total Options Held Following the Conditional Grant |
Peter Collum (PDMR) | Chief Financial Officer | 300,000 | 19 May 2025
| 1,800,000 |
Following the grants referred to above, and assuming the associated conditions are met in relation to the conditional grant, the Company will have granted options over a total of 38,251,728 Ordinary Shares representing 11.5 per cent. of the share capital in issue following completion of the Placing and the associated issue of 58,070,956 Ordinary Shares. The number of options that may be awarded under the Redx All Employee Share Option Scheme, and all prior share incentive plans, remains limited such that the aggregate number of Ordinary Shares of 1 pence each under option will be less than 15 per cent. of the total issued share capital of the Company.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. | Details of the person discharging managerial responsibilities (PDMR) / person closely associated | |||||
a) | Name | Peter Collum
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2. | Reason for the notification | |||||
a) | Position / status | Chief Financial Officer
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b) | Initial notification / Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Redx Pharma plc
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b) | LEI | 213800HMS4EBXO589Y37
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4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument
Identification code | Options over Ordinary Shares of 1 pence each in Redx Pharma plc
ISIN for Redx Pharma plc Ordinary Shares: GB00BSNB6S51
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b) | Nature of the transaction | Grant of options | ||||
c) | Prices(a) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
N/A | ||||
e) | Date of the transaction | 19 May 2022 | ||||
f) | Place of the transaction | Outside a trading venue
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For further information, please contact: |
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Redx Pharma Plc Caitlin Pearson, Head of Communications ir@redxpharma.com UK Headquarters Lisa Anson, Chief Executive Officer | T: +44 (0)1625 469 918 |
US Office Peter Collum, Chief Financial Officer | |
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SPARK Advisory Partners (Nominated Adviser) | T: +44 (0)203 368 3550 |
Matt Davis/ Adam Dawes | |
WG Partners LLP (Joint Broker) | T: +44 (0)203 705 9330 |
Claes Spång/ Satheesh Nadarajah/ David Wilson | |
Panmure Gordon (UK) Limited (Joint Broker) | T: +44 (0)207 886 2500 |
Rupert Dearden/ Freddy Crossley/ Emma Earl | |
FTI Consulting | T: +44 (0)203 727 1000 |
Simon Conway/ Ciara Martin |
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About Redx Pharma Plc
Redx Pharma (AIM: REDX) is a clinical-stage biotechnology company focused on the discovery and development of novel, small molecule, highly targeted therapeutics for the treatment of cancer and fibrotic diseases, aiming initially to progress them to clinical proof of concept before evaluating options for further development and potential value creation. Redx's lead oncology product candidate, the Porcupine inhibitor RXC004, commenced a Phase 2 programme in November 2021. The Company's selective ROCK2 inhibitor product candidate, RXC007, is in development for idiopathic pulmonary fibrosis and commenced a Phase 1 clinical trial in June 2021. Encouraging safety and pharmacokinetic data has been reported, and a Phase 2 clinical program is confirmed to start in 2022. Redx's third drug candidate, RXC008, a GI-targeted ROCK inhibitor for the treatment of fibrostenotic Crohn's disease, is currently in pre-IND stage, with Phase 1 clinical studies expected to commence in 2023.
The Company has a strong track record of discovering new drug candidates through its core strengths in medicinal chemistry and translational science, enabling the Company to discover and develop differentiated therapeutics against biologically or clinically validated targets. The Company's accomplishments are evidenced not only by its two wholly-owned clinical-stage product candidates and rapidly expanding pipeline, but also by its strategic transactions, including the sale of pirtobrutinib (RXC005, LOXO-305), a BTK inhibitor now in Phase 3 clinical development by Eli Lilly following its acquisition of Loxo Oncology and RXC006, a Porcupine inhibitor targeting fibrotic diseases including idiopathic pulmonary fibrosis (IPF), which AstraZeneca is progressing in a Phase 1 clinical study. In addition, Redx has forged collaborations with Jazz Pharmaceuticals.
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