C4X Discovery raises £11m on AIM debut

THE region’s newest public company, University of Manchester spin-out C4X Discovery, has made its debut on AIM after an £11m fundraising.

The compay has placed 11 million shares with institutional and other investors at a price of 100p per share. Its market capitalisation on admission, based on the placing price, is approximately £31m.

Spun out from the university in 2008 C4X,  which was called Conformetrix until July, was backed by private equity fund Acquarius which remains a shareholder.

The Ducie Street-based business says the funds raised will principally be used to progress two programmes through to clinical trials.
 
In a statement the company said: “C4XD has, we believe, the only technology in the world that can generate accurate, experimentally-derived dynamic solution 3D structures of drug molecules in just a matter of days.”

The company’s broker and adviser is Manchester-based Zeus Capital. Head of Plc advisory Ross Andrews said: “C4X Discovery is well positioned for the public markets.

“The company’s innovative business model offers the development of small molecule drugs more safely and quickly than currently available to the pharmaceuticals industry and at significantly reduced cost. This is the second float we have completed in the past week, amid very volatile market conditions.”