Optimistic C4X Discovery reduces interim losses as it pushes ahead with licensing opportunities
C4X Discovery, the Manchester-based drugs discovery business, has reduced its interim losses as it advances its pipeline of projects.
For the six months to 31 January 2021, the company has reported a pre-tax loss of £4.5m, down from £4.8m for the same period in the prior year.
To date the company has not recorded any revenues.
During the six-month period the company signed an exclusive worldwide licensing agreement with Sanofi worth up to €414 million to develop an oral therapy for the treatment of inflammatory diseases.
C4X also achieved a successful fundraise of £15m with a total of 107,142,858 shares issued to both new and existing shareholders.
R&D investment was £3.3m, down £300,000 for the same period in 2020.
It said it was in a strong cash position with ‘sufficient funding for the foreseeable future.’
Dr Clive Dix
Dr Clive Dix, CEO of C4X Discovery, said: “C4X Discovery has continued to advance its high value portfolio of commercially attractive drug candidates for future partners and, post-period end, a €414 million agreement was signed with Sanofi for our IL-17A oral inhibitor programme, demonstrating the value of C4XD’s Drug Discovery expertise and our business model.
“C4XD’s focus will now be to further augment the portfolio, continue to build its network of partnerships and advance the pipeline of proprietary and partnered projects.
“With two programmes now successfully partnered and a roadmap of potential cash milestones over the next 12-24 months, the Board is confident that, through the delivery of next generation, high quality out-licensing opportunities, C4XD can deliver significant value for shareholders.”
