Skye Bioscience and Redx Pharma Announce Transaction Agreement and $125 Million in Financings

Skye Bioscience and Redx Pharma have announced a merger transaction creating Fibrx Therapeutics, a Nasdaq-listed specialty biopharmaceutical company focused on fibrosis-related indications. The combined entity will be led by Redx's management team and board, signaling confidence in their strategic direction and operational execution in the fibrosis therapeutic space.

The cornerstone of the combined company is RXC008, a GI-restricted pan-ROCK inhibitor designed to treat fibrostenotic Crohn's disease. The program benefits from an open U.S. IND and FDA Fast Track designation, reducing regulatory uncertainty. A Phase 2 clinical trial is planned with topline data expected in H2 2028, providing a clear near-term clinical catalyst and de-risking timeline visibility.

Concurrent financings of approximately $125 million from a syndicate of healthcare institutional investors validate market confidence in the therapeutic approach and provide capital sufficiency through the Phase 2 readout. This funding structure eliminates near-term dilution concerns and positions the company to execute on its clinical and operational milestones without capital constraints.

Sector implication: This merger and financing announcement strengthens the fibrosis-focused biotech landscape, particularly in GI indications where unmet medical need remains high. The transaction reflects continued investor appetite for differentiated mechanism-of-action therapies with regulatory tailwinds, supporting broader Health Care sector momentum in specialty pharma.