Drug discovery firm Redx Pharma (REDX) has received a welcome boost after discovering a series of compounds with the potential to create the first novel class of broad spectrum antibiotics in 30 years.
Redx wants to use the compounds to develop a first-in-class treatment for urgent areas of high unmet medical need, triggering a share price rise of 8.3% to 59p.
Scientists at the company have identified novel bacterial topoisomerase inhibitors that work as antibiotics against drug resistant Gram-negative bacteria.
'The stock had doubled in the last three weeks after being tipped to triple in value thanks to a new cancer drug,' says markets analyst Neil Wilson from ETX Capital, adding that today's extra news has help send the stock 'skyward'.
While recognising that drug development is expensive and investing in pharmaceutical firms can be a gamble, Wilson believes Redx has ‘an ace or two up its sleeve.’
In vivo testing has been used to confirm the series of compounds, which may be important in the fight against drug resistant infections such as E. coli and pseudomonas.
These infections are responsible for critical illnesses, including pneumonia and blood poisoning, as well as urinary tract and abdominal infections.
In its pre-clinical study, Redx says it achieved a significant decrease in bacterial infection levels against a multi-drug resistant Gram-negative bacterial strain when compared with tigecycline, which is used to treat antibiotic resistant bacteria.