Redx Pharma : Annual Report & Accounts 2021-2022

Research & Development: Strong Momentum Across all Programmes

11 October 2021

The Group holds an R&D Day with leading experts and provides an update on its lead programmes, RXC004 and RXC007.

15 November 2021

The Group announces that the first subject has been dosed in the Phase 2 trial of RXC004, the Group's Porcupine inhibitor.

9 December 2021

The Group announces it is to receive a $10 million (£7.4 million) milestone payment from Jazz Pharmaceuticals in connection with its MAPK research collaboration.

23 December 2021

The Group announces it is to receive a $9 million (£6.7 million) milestone payment from AstraZeneca in connection with its RXC006 programme.

27 January 2022

The Group announces that the discoidin domain receptor (DDR) inhibitor fibrosis programme has entered lead optimisation.

10 March 2022

The Group presents encouraging Phase 1 safety data for RXC007, its ROCK2 inhibitor.

30 March 2022

The Group announces the nomination of RXC008, its GI-targeted ROCK inhibitor, as a clinical development candidate.

15 June 2022

The triggering of a $5 million (£4 million) milestone payment from Jazz Pharmaceuticals in connection with its pan-RAF inhibitor is announced.

23 June 2022

One of two targets on the MAPK pathway collaboration is discontinued by Jazz Pharmaceuticals due to pipeline prioritisation.

27 June 2022

Encouraging preclinical data on the potential of Porcupine and ROCK inhibitors to tackle cancer-associated fibrosis is presented.

Corporate:

A Strengthened Board,

Management Team and

Balance Sheet

1 November 2021

The Group announces the appointment of Dr Jane Griffiths as Non-Executive Chair, with effect from 1 December 2021.

17 January 2022

Claire Solk is appointed as General Counsel.

27 January 2022

The appointment of Dr Rob Scott as a Non-Executive Director, with immediate effect, is announced.

19 May 2022

The Group announces a placing of Ordinary shares to raise £34.3m (gross) at 59 pence per share.

6 June 2022

The placing is approved by shareholders.

Post Year-end Events: Momentum has Continued into New Financial Year

3 October 2022

The Group presents data confirming anti-fibrotic effects of RXC007 in preclinical models for interstitial lung disease and final Phase 1 safety data for IPF study.

11 October 2022

First patient is dosed in the Phase 2a trial for RXC007.

3 November 2022

The Group presents preclinical efficacy data for its novel DDR1 inhibitor.

10 November 2022

RXC004 Phase 1 combination data presented, confirming Phase 2 dose selection and patient enrolment open for the Phase 2 combination studies.

16 December 2022

Clinical trial collaboration and supply agreement with MSD (Merck & Co., Inc., Rahway, NJ, USA) announced, for the supply of KEYTRUDA®1 (pembrolizumab) to be used in the combination arm of the ongoing PORCUPINE2 Phase 2 clinical study.

Redx | Annual Report and Accounts for the year ended 30 September 2022

Strategic Report

During the period, despite challenging market conditions, we were also successful in raising significant funds to ensure we can continue to execute on our development plans for our clinical and preclinical programmes.

Our ambition is to create world-leading medicines that will transform patients' lives. By leveraging our world-class medicinal chemistry and translation science expertise, we can create best-in-class or first-in-class treatments for unmet medical needs and beyond our current clinical portfolio we have the ambitious target of submitting three wholly-owned INDs by 2025. 2022 was a year of significant progress towards these goals, with the following notable achievements:

• RXC004 commenced Phase 2 programme: RXC004, a Porcupine inhibitor, is being developed as a targeted therapy for Wnt-liganddependent cancers, both as monotherapy and in combination with immunotherapies.
• RXC007 Phase 2 programme initiated: RXC007,
  a selective ROCK2 inhibitor, is being developed for interstitial lung diseases (ILD) including idiopathic pulmonary fibrosis (IPF) a life-threatening orphan disease with poor prognosis.
• Investment in our Redx discovery engine: Our world- class discovery engine sits at the core of everything we do. We nominated our next wholly-owneddevelopment candidate, RXC008, a Gastro-Intestinal (GI)-targetedROCK inhibitor for the treatment of fibrostenotic Crohn's disease and our DDR inhibitor programme entered lead optimisation.

Invus, we raised £34.3 million (gross). Additionally, due to the significant progress made with our ongoing partnerships and collaborations, we earned $24 million (£18.1 million) of non-dilutive milestone payments. These new funds in addition to pre-existing cash will support the Company through the next stage of significant pipeline progression and provides a cash runway into 2024.

During the last 12 months we have continued to deliver against our strategy. Our ability to progress our in-house pipeline, delivering potential much-needed new treatment options for patients, will also ultimately drive long-term shareholder value.

On behalf of the Board, I would like to thank our executive team led by Chief Executive, Lisa Anson, who have continued to successfully guide the Company over the last 12 months, and all of our employees who, with their dedication and hard work, have ensured we have progressed our business towards its goals. We would also like to thank our shareholders, business partners and suppliers for their ongoing support. Finally, I would like to thank my fellow Redx Board members for providing their invaluable insights and expertise to the executive team.

As I come to the end of my first calendar year as Chair of Redx, I am proud of our achievements. Our progress in the last 12 months has offered a step-change in the development of Redx as a clinical- stage biotech, and we look forward towards another exciting year ahead.