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Redx Pharma PLC on Wednesday said the US Food & Drug Administration has cleared the investigational new drug application for JZP815, a pan-RAF inhibitor for the treatment of solid tumours and haematological malignancies.
The clearance paves the way for its partner, Jazz Pharmaceuticals, to begin a clinical trial for the treatment.
It has also triggered a milestone payment of $5 million from Jazz to Redx. This is is on top of the $6.5 million already received under the collaboration agreement between the companies.
Jazz agreed to acquire Redx's pan-RAF inhibitor programme in July 2019 but Redx remains entitled to development, regulatory and commercial milestone payments related to the programme.
Redx also receives incremental tiered royalties in mid-single digit percentages based on any future net sales.
Chief Executive Lisa Anson said: ‘I am delighted that the IND application for the pan-RAF inhibitor, JZP815, has been accepted. When Jazz commence the clinical programme this will become the fifth drug candidate discovered by Redx to enter the clinic, further validating our world-class research and development capabilities.’
Shares in Redx Pharma were up 4.7% at 63.66 pence on Wednesday morning in London but reached a high of 67.00p earlier in the day.
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