C4X ‘making progress’
EARLY-stage bio-medical company C4X Discovery says it has made good progress since its listing on AIM last autumn.
The Manchester-based business, which raised £11m before expenses to accelerate its small molecule therapeutics-based treatments for addiction and lung disease, announced results for the six months to the end of January.
Revealing a loss of £800,000 for the period (2014 £300,000), on revenues of £200,000, chairman Clive Dix said the AIM listing had fuelled growtth in the business, allowing it to invest more in research and development and partnerships with other companies.
He said: “With the IPO, C4XD has secured the funding that enables us to progress our two leading programmes to clinical development stage.
“The support and confidence of our collaboration partners, AstraZeneca, Evotec and Takeda validates the C4XD drug discovery and development platform. I am delighted with the progress made since IPO and believe the business is well positioned to deliver future value for shareholders.”
Following the fund-raising C4X had cash of £9.4m and total assets at 31 January 2015 of £10.4m (31 July 2014: £1.2m).
C4XD claims to have the only technology in the world that can generate accurate, experimentally-derived 3D-structures of drug molecules in just a matter of days, helping to accelerate product development.
