Shares are rocketing almost 70 per cent at pharma company Redx

Shares at pharmaceutical company Redx have rocketed this morning, climbing almost 70 per cent following yesterday's appointment of a heavy-hitting chief executive.

Cancer- and fibrosis-focused Redx already saw its share price soar 60 per cent over the course of yesterday, after it announced it had grabbed Lisa Anson, former president of Astrazeneca UK, as its new chief executive.

Chairman Iain Ross fanned the flames of excitement today, buying up 150,000 shares at 11p apiece and driving the share price up another 69 per cent.

"Following the events of 2017 Lisa has been tasked by the board to lead the re-launch of the company and to take the steps necessary to build a substantial biotech company built upon an innovative science base, selectively acquiring additional assets, if appropriate," Ross said in a statement yesterday.

Last year, Redx managed to claw its way out of administration following a management shake-up after it had failed to repay a loan from Liverpool City Council.

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CityAM

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