Redx Pharma, an early stage drug development company based at the University of Liverpool in the UK, has been successful in its bid for £4.7m from the third round of the Government’s Regional Growth Fund (RGF).
The funding will support the launch of a new £10.8m research and development centre focused on anti-viral and anti-infective drugs.
It will enable the establishment of a new subsidiary, Redx Anti-Infectives, which will create 119 jobs in Liverpool. The posts will be within chemistry, biochemistry and analytical testing. A further 28 specialist jobs are expected to be created within the wider supply chain.
The RGF support will be mirrored by £6.1m of new private investment brokered by Manchester-based Acceleris Corporate Finance and sourced from a combination of commercial partnering revenue and shareholder equity.
Redx Anti-Infectives will begin operations in April next year. The funds, which are subject to a due diligence process, will support an initial two-year industrial research phase of chemistry, biochemistry and analytical testing. The new R&D venture will focus on developing drugs to combat resistance to antibiotics and new medicines to tackle viral infections. These include developing anti-infective drugs tackling hard to treat infections, including drug resistant superbugs such as MRSA, as well as conditions such as influenza, Hepatitis C and HIV.
Dr Neil Murray, Redx Pharma’s CEO, said the RGF support is ‘critical in enabling Redx to create a sustainable business and adapt to the rapidly-changing R&D landscape in the pharmaceutical industry.
‘We have strong partners in Liverpool in the City, the NHS and the Universities and we look forward to working with them as we take our infectious disease business forwards,’ he said.
He added: ‘The World Health Organisation has identified drug resistance, particularly in the area of antibiotics, as one of the most pressing human health concerns globally. We believe that the fresh thinking and original approach that we apply will create effective solutions, generating new therapies that will benefit patients worldwide.’
UK Business Secretary Vince Cable visited the company this week to announce the round three offer, as well as to meet staff and see progress made in Redx Pharma’s round two project, which received £5.9m from the RGF to establish a state-of-the-art oncology centre.
‘Redx Pharma’s previous award from round two has already helped them establish an impressive oncology research centre and has created more than 50 new jobs since April this year,’ said Cable.
‘I look forward to seeing the progress of the vital drugs research that they are carrying out, which will maintain the UK’s competitiveness within the life sciences industry and deliver benefits for patients.’
UK-wide, the third round RGF funding was highly competitive, with 130 projects and programmes being selected from 414 bids.
The RGF is a £2.4bn fund operating across England from 2011 to 2015. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment.