Redx Pharma Ltd, which is based at MerseyBIO, has received a conditional offer letter for the grant, following an announcement made by Deputy Prime Minister Nick Clegg. The investment will help to finance an initial two-year research and development phase into promising new drugs for the treatment of cancer.The Regional Growth Fund is a £1.4bn three-year fund operating across England to stimulate private sector-led sustainable economic growth and employment, provided by the Department for Business, Innovation & Skills. The grant offer is conditional on an intensive due diligence process which is expected to be completed in the next few months.Redx's new Oncology Medicinal Chemistry Centre will be based in one of the city's existing state-of-the-art science buildings. It will be operational from mid 2012.Dr Neil Murray, chief executive of Redx Pharma, said "Redx has the potential to be one of the cornerstones of the strategy to develop what has been dubbed locally as the Knoweldge Eceonomy and this announcement is a glowing endorsement of a vision we share with the city.""Liverpool has given itself the challenge of enabling the establishment of two or three new life science businesses, which each employ 200-300 staff in the next 10-15 years. Redx Oncology will be the first of these companies and through developing out portfolio of new drug candidates we can raise Liverpool's life science profile and build on the city's established reputation in cancer care."The bid was supported by Liverpool City Council (Liverpool Vision), the Mersey Partnership, the University of Liverpool, Royal Liverpool University Hospital, the Liverpool Cancer Research UK Centre and the planned North Liverpool Life Sciences University Technical College.Max Steinberg, chief executive of Liverpool Vision, the city's economic development company, said "The expansion of Redx is a powerful statement of intent in repsect of Liverpool's ambitions in bio sciences and we welcome this highly encouraging news.""The new research until will bring economic and employment benefits to the city as well as help to ensure that a more effective supply of anti-cancer drugs will come to market much more quickly because of the drive and expertise of a Liverpool-based company."Activities will be based around Redx Pharma's existing pipeline of 40 research cancer drugs which cover a wide variety of cancer types, and designed to deliver a flow of experimental drugs for progression into human clinical trials.It is anticipated that a significant number of new jobs in Liverpool will be filled by people relocating to the city. The UK pharmaceutical industry has shed over 4,000 science posts in the last two years as major players in the market have closed or consolidated in-house research facilities.Redx Pharma was launched in 2010 with public and private sector backing from a range of investors. The company develops therapeutic remedies based on existing classes of drugs, structurally modifying them to create new proprietary medicines. Benefits for patients include fewer side effects, greater efficacy and ease od use for people.Dr Pete Jackson, Redx Chairman commented, "This is an important step towards securing the RGF grant, and we look forward to being able to complete the formal offer process in the months ahead. Liverpool has a highly respected reputation in cancer care, and we hope that Redx's new R&D centre can become an important part of this, supporting our vision of new cancer drugs invented in Liverpool, developed in Liverpool and, ultimately, saving lifes in Liverpool."In addition to its cancer portfolio, Redx has a broad-based pipeline of new compounds in multiple therapeutic areas. The company is currently progressing programs in the ares of cardiovascular medicine, influenza, antibiotics and neuropathic pain. It achieves revenues by entering into licensing agreements with mid-sized and large pharmaceutical partners who undertake further clinical studies with promising new drug compounds.The company's Redox Switch™ platform technology allows rapid assesment of new drug candidates, which can go forward to devleopment programs with lower risk and greater speed through clinical trials.
Original Article: Green light for Redx cancer drugs research unit