Drugs discovery firm on course for global ambitions
Manchester drugs discovery firm C4X Discovery Holdings revealed its full year results, to July 31, today.
They showed that revenues increased to £7m, from £143,000 previously, driven by the Indivior licensing agreement.
R&D expenses increased 15% to £6.99m, from £6.1m in 2017, reflecting the company’s investment in drug discovery activity and its continued development of lead drug candidates.
Total losses after tax were £1.135m, or 2.44 pence per share, compared with £6.78m, or 16.88 pence per share last year.
After its reporting period, C4XD completed a £10.1m fundraise, before expenses, in October 2018 through the placing and open offer of 11,210,674 new ordinary shares in the capital of the company (ordinary shares), at a price of 90 pence per ordinary share.
The company said the licensing deal with Indivior in March 2018 for its Orexin-1 antagonist programme delivers $10m upfront with up to $284m in milestone payments.
C4XD’s proprietary drug asset portfolio has grown from three programmes in 2014 to nine active programmes, spread across multiple therapeutic areas.
Disease areas of focus are inflammation, neurodegeneration, immune-oncology/oncology and additional opportunistic areas, such as addiction and diabetes.
To date, the Taxonomy3® platform has identified 285 novel, genetically-validated and disease-linked genes that will generate target insights for future discovery programmes in inflammation and neurodegeneration.
The company has also launched stage one of a virtual reality-based molecular visualisation tool, 4Sight with the aim of increasing the throughput of the company’s pre-clinical portfolio by accelerating hit generation and lead optimisation timeframes.
C4XD chief esecutive Dr Clive Dix said today: “C4X Discovery has had a transformational year in 2018, underlined by the successful completion of our pre-clinical licensing deal with Indivior in March.
“This pivotal milestone validated our business model.
“Our pipeline continues to progress, with NRF-2 entering a formal partnering process and excellent in vivo data on IL-17 moving this programme towards partnering.
“This maturing pipeline, combined with our enhanced commercial capabilities and our innovative collaborations with multiple partners, positions us well to carry out our strategy of becoming the world’s most productive drug discovery engine and delivering returns to our shareholders.”
