New bioscience firm launches in UK
Redx Pharma receives financial backing of £1.9m
The Liverpool-based firm says it will develop therapeutic remedies based on existing classes of drugs, structurally modifying them to create new proprietary medicines that will be more effective, easier to take and have fewer side effects.
Financial support has been provided by the NWDA’s Northwest Interim Venture Capital Fund, which is managed by YFM Private Equity, and includes backing from the European Regional Development Fund (ERDF).
A number of private investors have also taken a stake, including venture capitalist Jon Moulton, founder of Alchemy Partners.
Redx Pharma says its Redox Switch technology allows rapid assessment of new drug candidates and could be applied to around 20% of existing medicines.
Research is focusing on medicines treating cardiovascular diseases, influenza and neuropathic pain, as well as antibiotics.
The firm intends to licence the new compounds to pharmaceutical companies.
Redx Pharma has acquired the assets of Bradford Pharma and will take over its operation based at Merseybio, the incubator unit owned by the University of Liverpool.
Acceleris, a Manchester-based corporate finance house, brought together the syndicate of private investors and is also a founding shareholder of Redx Pharma.
Acceleris director Norman Molyneux said: ‘This is a positive development for the North West biotech sector. Deals of this nature have been scarce over the last 18 months.’
Dr Neil Murray will lead the Redx management team as chief executive. He has more than 20 years’ experience in the pharmaceutical industry at Solutia, Vernalis (formerly Vanguard Medica), Sigma-Aldrich Fine Chemicals and Glaxo-Wellcome Research & Development.
‘Redx Pharma will be at the forefront of biotech in the North West and this investment leaves us well placed to exploit the state-of-the-art facilities we have at Merseybio, our close links with University of Liverpool and the enormous potential of the global pharmaceuticals market,’ said Murray.
Dr Peter Jackson, also chief executive of Manchester-based chemical catalyst company Reaxa, will be chairman of the Redx board. He is one of the founders of the new company and was formerly vice president of Avecia’s Pharmaceutical Products business unit.