DWF LLP advised Liverpool-headquartered drug developer Redx Pharma to raise £10m before expenses through a share placing.

£9.4m will be used to progress its pipeline and further develop other assets in immune-oncology, infection and immunology.

Neil Murray, Chief Executive of Redx, said: "We are delighted to have successfully raised these new funds with approximately half coming from new institutional investors and also with very strong support from our existing shareholders.

"We have made excellent progress in the last 12 months especially with our drug discovery programs, having achieved in-vivo proof of concept in a further three programs and selecting four drug candidates for progression into development. These new funds will support Redx's continuing progress and our existing pipeline.

"We believe that the assets in our pipeline look extremely promising and offer the potential to deliver significant shareholder value."

Approximately 28.6 million shares were placed with both new institutional investors and existing shareholders at a price of 25p per share, which represents a discount of 4.3 per cent on the closing price of 36.5p on 22 March 2016.

The placing shares represent approximately 30.5 per cent of the company's enlarged issued ordinary share capital immediately following completion.

The core DWF team consisted of Frank Shephard, Lisa Stavropoulos, Nicholas Hawthorne and Katy Philips.

Frank, who led the deal at DWF, said “We have a long standing and close relationship with Redx and are delighted to help them to take another strategic step forward in the development of their portfolio”

Cantor Fitzgerald Europe and WG Partners acted as joint bookrunners in connection with the placing.