Redx Pharma Ltd is expected to raise £20 million in a stock market flotation that would value the business in the region of £60-£80 million. Redx Pharma intends to list the stock on the Alternative Investment Market (AIM) in early February. Neil Murray, Chief Executive Officer of Redx Pharma Ltd states "Sometimes when people talk about flotation it is about an exit.

That is not what it is about for us. It is about taking the company on to the next stage of its development. This is a great business and I think what our scientists achieve is nothing short of remarkable and so I am excited by this next phase." The proceeds from the IPO will be used to Redx's current pipeline of oncology and infectious disease drugs to stages which will support achievement of planned milestones and further license and collaboration deals.

It will also support the launch of a third therapeutic subsidiary focused on immunology.