Redx Pharma Receives £1.9M Investment
Published On November 13, 2010 |
Last October, Redx Pharma Ltd, a Liverpool, UK-based bioscience start up that will develop therapeutics based on existing classes of drugs, structurally modifying them to create new proprietary medicines, has received a £1.9m investment from public and private sources.
Investors include the NWDA’s Northwest Interim Venture Capital Fund, which is managed by YFM Private Equity and funded by the European Regional Development Fund (ERDF), venture capitalist Jon Moulton and other backers from the North West, Yorkshire and London. Acceleris, a Manchester-based corporate finance house, is a founding shareholder of Redx Pharma.
As part of the transaction, the company acquired the assets of Bradford Pharma Ltd and will take over its operation at Merseybio, the incubator unit owned by the University of Liverpool.
Focused on the early stage development of drugs, Redx Pharma intends to use its platform technology (called Redox Switch™) to rapid assess new drug candidates, which can go forward to development programmes with lower risk and greater speed to clinical trials.
Redx Pharma has a pipeline of new compounds in the areas of cardiovascular medicine, influenza, antibiotics and neuropathic pain.
The management team of the new company is led by CEO Dr Neil Murray, who brings to Redx Pharma over 20 years experience in the commercialization of platform technologies and overall drug development strategy, planning and management.
The board is chaired by Dr Peter Jackson, one of the founder of the company, who is also chief executive of the chemical catalyst company Reaxa Ltd.
Co-founder Dr Derek Lindsay is CTO and Norman Molyneux is CFO.