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Corporate Governance

The Board of C4X Discovery (“C4XD” or the “Company”) acknowledge the importance of good corporate governance and have chosen to apply the Quoted Companies Alliance Corporate Governance Code (the ‘QCA Code’). The QCA Code identifies ten principles to be followed to enable companies to deliver growth in long term shareholder value, encompassing an efficient, effective and dynamic management framework accompanied by good communication to promote confidence and trust.

The sections below set out the ways in which the Company applies the ten principles of the QCA Code in support of the Company’s medium to long-term success.

This disclosure was last reviewed and updated on 1st February 2023

1. Establish a strategy and business model which promotes long-term value for shareholders

Using cutting-edge Drug Discovery technologies and expertise, C4XD aims to efficiently deliver world leading medicines which are developed by our partners for the benefit of patients. We pursue programmes in areas of high unmet medical need that are commercially attractive, committing our resources to the discovery of novel therapeutic targets and the generation of new drug molecules which act against these targets. Our sustainability will be driven by reinvesting the revenue generated through licensing deals back into our Drug Discovery programmes, maximising value for our shareholders.

We continue to invest in our proprietary suite of drug discovery technologies and our highly experienced and uniquely trained scientific team. Where beneficial, we will continue to build alliances with organisations that have capabilities complementary to our own. Combined, we believe this makes us uniquely positioned to achieve our goal.

The strategy of the Company, and the key challenges to the business and how these are mitigated are detailed in the Group’s 2022 Annual Report.

2. Seek to understand and meet shareholder needs and expectations

C4XD seeks to maintain a regular dialogue with existing and potential new shareholders. The Board values two-way communication to enable the Company to provide updates on the Company’s progress and strategy, but also to listen to the views of shareholders and to understand their needs and expectations. The Chief Executive Officer is the Company’s primary contact for investors, fund managers, the press and other interested parties. Contact details are available on the Contact section on the Company website. Additionally, the Chief Executive Officer and Chief Financial Officer meet with the Company’s brokers and analysts to obtain feedback regarding the market’s expectations of the Group. Our investor relations are supported by Consilium Strategic Communications, who can be contacted by emailing info@consilium-comms.com.

The Company recognizes the AGM as an important opportunity to meet private shareholders, where the shareholders are given the opportunity to ask questions and raise issues to the Board; this can be done formally during the meeting or informally with the Directors afterwards.

At the AGM, separate resolutions are proposed on each substantially different issue. For each resolution, proxy appointment forms are issued which provide voting shareholders with the option to vote in advance of the AGM if they are unable to attend in person. The outcome of the voting on AGM resolutions is disclosed by means of an announcement on the London Stock Exchange, and the results are posted on the Investors section on the Company website.

All resolutions were duly passed in the latest AGM, however, if voting decisions are not in line with the Company’s expectations, the Board will engage with those shareholders to understand and address any issues. The Company Secretary is the main point of contact for such matters. However, all our Directors or Non-Executive Directors are willing to engage with shareholders should they have a concern that is not resolved through the normal channels.

Copies of our annual report and the interim report are sent to all shareholders and copies can be downloaded from the Investors section of the website. Other information for shareholders (and other interested parties) is also provided on our website, including the preliminary and half-year results.

3. Take into account wider stakeholder and social responsibilities and their implications for long-term success

C4XD is aware of its corporate social responsibilities and the need to maintain effective working relationships across a range of stakeholder groups, including shareholders, employees, partners, suppliers, regulatory authorities and industry bodies. C4XD endeavours to take account of feedback received from stakeholders, making amendments to working arrangements and operational plans where appropriate, consistent with the Company’s longer-term strategy.

The Company recognises that having an effective workforce is fundamental to organisational success. For this reason, it is Company policy to recruit the best person for each vacancy; selection is purely merit based against pre-determined job requirements and in full compliance with the Company’s Equality and Dignity at Work policies. The Company requires employees to act ethically and responsibly in accordance with the policies and procedures within our employment handbook.

The Board is committed to keeping employees as engaged and informed as possible regarding the Company’s performance and wherever possible, seeks their views on matters which affect them as employees. Feedback is gathered via All Staff meetings and employee surveys. The Directors have the opportunity to know every individual, promoting an open and honest culture, so that each employee appreciates the role that they play in the success of the Company.

A beneficial Total Rewards package is offered to all employees, as a mechanism for attracting and retaining members of staff. This not only includes financial benefits, but also focuses on the health and wellbeing, and professional development of employees.

C4XD is committed to ensuring the health and safety of its employees in the workplace. The Company has policies and procedures in place to ensure compliance with health, safety and environmental legislation. Additionally, C4XD has a Health and Safety Committee who actively liaise with our laboratory and building managers to ensure learnings are shared and standards are optimised. All employees are positively encouraged to be involved in consultation and communication on health and safety matters that affect their work.

C4XD made active changes to reduce the potential impact of COVID-19 and the resulting lockdowns. On returning to the office, C4XD has adopted a hybrid working arrangement, enabling employees to work remotely at times, benefiting wellbeing and work life balance, but providing office facilities for collaboration, training and interaction.

C4XD has developed an ESG policy, with a commitment to deliver exemplary environmental, social and governance performance, providing a foundation for C4XD to deliver long-term, sustainable value creation. Several committees have been formed to support work in this area, including Sustainability, Wellbeing, and Diversity and Inclusion.

The Company takes due account of any impact that its activities may have on the environment and seeks to minimise this impact wherever possible, with a commitment to the principles of reduce, reuse, and recycle. The Company is focused on reducing its environmental footprint, growing sustainably, as well as inspiring, educating and engaging our employees, partners and stakeholders to achieve these goals.

The Company is engaged in several longer-term risk-sharing strategic alliances in relation to the development of certain assets. Each alliance is managed through a Joint Steering Committee, with regular meetings to ensure strategies align, objectives are clear, and issues are quickly resolved. C4XD invests in both Outsourcing and Alliance Management, to manage collaborations and conduct appropriate due diligence, ensuring we identify the right partners and build strong relationships. We look to work with collaborators and suppliers whose practices are ethical, comply with regulations and show commitment to environmental sustainability.

4. Embed effective risk management, considering both opportunities and threats, throughout the organisation

The Board has overall responsibility for the Group’s system of internal controls, including reviewing the effectiveness of these controls and the processes in place for risk management. These processes and procedures are designed to manage rather than eliminate risk and can therefore only provide a reasonable and not an absolute assurance against material misstatements or losses. Through the activities of the Audit Committee, chaired by Simon Harford, the effectiveness of these internal controls is reviewed annually. The Audit Committee also ensures that the financial performance of the Group is properly measured and reported on having due regard to the interests of Shareholders. Annual budgets and rolling forecasts are reviewed and approved by the Board, and the Directors receive monthly management accounts and regular management reports which enable them to scrutinise Group and management performance against agreed objectives.

The Executive Directors have a close involvement with all day-to-day operations and meet with staff on a regular basis to identify and review business risks, the controls needed to minimise those risks and the effectiveness of controls in place. Business risks are monitored and updated on a regular basis.

The Group maintains appropriate insurance cover; the insured values and type of cover are comprehensively reviewed on a periodic basis. Additionally, the Company has written operational, accounting and employment policies in place.

A summary of the principal risks and uncertainties facing the Group, as well as mitigating actions, are detailed in the Group’s 2022 Annual Report.

5. Maintain the Board as a well-functioning, balanced team led by the Chair

C4XD’s Board comprises three Executive Directors, four Non-Executive Directors and the Non-Executive Chairman, reflecting a blend of different experience and backgrounds. The Board considers that all the Non-Executive Directors bring an independent judgement to bear, notwithstanding the varying lengths of service.

Non-Executive Directors receive their fees in the form of a basic cash fee and do not receive any pension payments or other benefits. The current remuneration structure for the Board’s Non-Executive Directors is deemed to be proportionate and was subject to a shareholder consultation process prior to its implementation.

All Directors are subject to election by shareholders at the first Annual General Meeting after their appointment to the Board and will continue to seek re-election at least once every three years.

The Board is responsible to the shareholders for the proper management of the Group and meets regularly to: set the overall direction and strategy; review scientific, operational and financial performance; consider risk management and the framework of internal controls; and advise on management appointments. The Board has a formal schedule of matters reserved to it and is supported by the Audit, Remuneration and Nomination Committee.

To enable the Board to discharge its duties, all Directors receive appropriate and timely information; briefing papers are distributed to all Directors in advance of Board meetings, supplemented by any information specifically requested by the Directors. Minutes of Board and Committee meetings are circulated to all Board members. All Directors have access to the advice and services of the Company Secretary, who is responsible for ensuring that the Board procedures are followed, with full compliance with applicable rules and regulations.

The Group has effective procedures in place to monitor and address conflicts of interests. The Board is aware of the commitments and interests of its Directors, with any changes being highlighted prior to each Board meeting.

A summary of Board meetings held in the previous year, and Directors’ attendance records, is set out in the Group’s 2022 Annual Report.

6. Ensure that between them, the directors have the necessary up-to-date experience, skills and capabilities

The Board considers that all the Directors have suitable competence and calibre to add strength and objectivity to the Company’s activities, and they bring considerable experience in scientific, operational and financial management within the Pharmaceutical and Biotechnology sector.

Directors’ biographies are available on the Leadership section of the Company website and are set out in the Group’s 2022 Annual Report.

The Board regularly reviews the composition of the Board to ensure that it has the necessary breadth and depth of skills to support the ongoing development of the Group and maintain positive momentum in driving the Company vision.

The Nomination Committee, chaired by Alex Stevenson, oversees the process and will identify and nominate candidates, for the approval of the Board, to fill Board vacancies as and when they arise.  Where new Board appointments are considered, the search for candidates is conducted and appointments are made on merit against objective criteria and with due regard for the benefits of diversity on the Board, including gender. The Nomination Committee also considers succession planning. The Nomination Committee meets at least twice a year.

The Chairman, in conjunction with the Company Secretary, ensures that the Directors’ knowledge is kept up to date on key issues and developments pertaining to the Group, its operational environment and to the Directors’ responsibilities as members of the Board. In addition, procedures are in place to enable the Directors to obtain independent professional advice in the furtherance of their duties, if necessary, at the Company’s expense.

On appointment, each Director takes part in an induction programme in which they receive comprehensive information about the Group, the role of the Board and the matters reserved for its decision, the terms of reference and membership of the Board and Committees and the powers delegated to those Committees, the Group’s corporate governance practices and procedures including the powers reserved to the Executive Committee, and the latest financial information about the Group. Throughout their period in office the Directors are updated on the Group’s business, the competitive environment in which it operates, corporate social responsibility matters and other changes affecting the Group and the industry it operates in as a whole.

The Remuneration Committee, chaired by Natalie Walter, reviews the performance of the Executive Directors and determines their terms and conditions of service, including their remuneration and the grant of options, having due regard to the interests of Shareholders. The Remuneration Committee meets at least twice a year.

7. Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement

The Board has implemented a structured and rigorous process for the evaluation of its own performance, that of its committees and individual Directors, including the Chairman. Additionally, annual appraisals of the Executive Directors have taken place, most recently in March 2022. The appraisal of the Chief Executive Officer is performed by the Chairman and the appraisal of the other Executive Directors is performed by the Chief Executive Officer.

The performance appraisals assess how effectively the Executive Directors are leading the organisation to deliver results in the short- and longer-term, considering their strategic planning, people management and relationships, financial management, and conduct of business. The appraisal will conclude by summarising the goals for the coming year, job-related strengths and plans to strengthen performance.

All Directors are subject to election by the shareholders at the next general meeting following appointment to the Board and to re-election at intervals of not more than three years. They undergo a performance evaluation before being proposed for re-election to ensure that their performance continues to be effective, that where appropriate they maintain their independence and that they are demonstrating continued commitment to the role.

The Board review involves the completion of a questionnaire, aiming to review the following criteria:

  • The Board’s ability to evaluate the operating environment, think strategically and adapt as necessary
  • The skills and capabilities of the Board needed to meet current and future business need
  • How well the Board performs its key roles and how successful it has been
  • The Chairman’s leadership style and tone and their relationship with the Chief Executive
  • The entrepreneurial leadership of the Executive Directors and effectiveness of the senior management teams
  • Non-Executives’ contribution to strategy development
  • Succession planning for key Board and senior management team members
  • Address whether the Board provides effective support, scrutiny and challenge to the senior management teams, identifying any learning and development needs
  • The extent to which the Board’s Committees are properly constituted, perform their delegated roles and report back clearly and fully to the Board
  • The effectiveness of Board processes, including its accountability and decision making
  • The frequency and length of meetings, and the level and quality of information the Board receives
  • The processes surrounding risk management
  • Compliance of the key governance documents with legal requirements and good practice

Responses are collated so that the Chairman can report back to the Board, highlighting significant improvements or deteriorations in any area. This will enable an open follow-up discussion resulting in actions being agreed for any areas requiring improvement.

The Non-Executive Directors appraise the Chairman’s performance after consultation with the other Directors. The expectations of the Chairman are detailed in the Corporate Governance Section of the Annual report and are summarised in Section 9 below.

Succession planning is regarded by the Board as vitally important for the future success of the business. The Nomination Committee considers the balance of skills, knowledge and experience on the Board and makes recommendations for change where appropriate. The whole Board review the objective criteria against which potential candidates will be measured to ensure the Board composition remains diverse, appropriate and balanced.

Other senior appointments to the Executive and R&D Executive committees are made by the Chief Executive in discussion with the Chairman. Through regular reviews, the Company’s future business leaders can be identified, and personal development plans are put in place to harness their potential, and plan for job growth and career progression.

8. Promote a corporate culture that is based on ethical values and behaviours

The Board seeks to maintain the highest standards of integrity in the conduct of C4XD’s operations. An open culture is encouraged, with regular communication being delivered to staff regarding progress, and staff feedback being regularly sought. The Executive Committee regularly monitors the cultural environment and seeks to address any concerns that may arise, escalating these to Board level as necessary.

Throughout the induction process, our employees learn about the history of the Company, the people, the technologies and our vision for the future. It is vital that everyone begins with a clear understanding of what makes C4XD, its culture and the key role everyone plays in driving its success and reputation. All employees are supported through their employment, with regular meetings with Managers, access to training, mentoring and development, and with regular feedback through our appraisal system.

We recognise that diverse teams achieve greater performance, so we look to celebrate and support our differences, so that all our employees can contribute in their own right. Both performance and behaviours contribute to their remuneration and reward package.

There is a clear expectation that the Board and senior management teams lead by example: they communicate regularly with staff through meetings and messages, and actively engage in team building and social events.

These values are captured in the Company handbook, the Total Rewards booklet, and the policies and working practices adopted by all employees in the Company. The Board is committed to providing a safe working environment and has a clear and robust Health and Safety Policy. The Company also has a Whistleblowing Policy to allow staff to raise any concerns in confidence. Additionally, the Company has policies in Bioethics, Data Processing, Anti-corruption and Bribery, Dignity at Work, Equality Diversity and Inclusion, and Social Networking, which highlight the expected behaviours of staff.

9. Maintain governance structures and processes that are fit for purpose and support good decision-making by the Board

C4XD’s Corporate Governance Statement is set in the Group’s Annual Report. The Group is controlled through its Board of Directors. The Board’s main roles are to provide overall strategy and direction for the Group and to ensure that the necessary resources are made available to enable those objectives to be met.

The Board has a schedule of matters reserved for its approval, including decisions on strategy and risk management, approval of budgets, acquisitions and disposals, major capital expenditure, legal and insurance issues, Board structure and the appointment of advisers. In some areas, responsibility is delegated to Committees of the Board within clearly defined terms of reference. Once the strategic and financial objectives of the Group have been set by the Board, it is the role of the Chief Executive Officer to ensure that they are achieved through the day-to-day management of the Group’s business. The Non-Executive Directors are responsible for bringing independent and objective judgment to Board decisions.

The division of responsibilities between the Chairman of the Board and the Chief Executive Officer is clearly defined. The Chairman leads the Board in the determination of its strategy and in the achievement of its objectives. They are responsible for organising the business of the Board, setting its agenda and ensuring its effectiveness through ensuring that no individual or group dominates the Board’s decision-making. The Chairman encourages all Board members to engage in Board meetings by drawing on their skills, experience, knowledge and, where appropriate, independence. The Chairman facilitates the effective contribution of Non-Executive Directors and constructive relations between Executive and Non-Executive Directors, ensures Directors receive accurate, timely and clear information, and facilitates effective communication with shareholders. The Chairman has overall responsibility for corporate governance matters in the Group and must set the highest standards of integrity.

The Chairman is a Non-Executive Director and has no involvement in the day-to-day business of the Group. The Chief Executive Officer has direct charge of the Group on a day-to-day basis and is accountable to the Board for the financial and operational performance of the Group.

The Company Secretary is responsible for ensuring that Board procedures are followed, with full compliance with applicable rules and regulations.

The Board has established an Audit Committee, Remuneration Committee and Nominations Committee with formally delegated duties and responsibilities:

Audit Committee – chaired by Simon Harford

The Audit Committee (Simon Harford and Natalie Walter) normally meets twice a year and has responsibility for planning and reviewing the annual report and accounts and interim statements involving, where appropriate, the external auditors. The Committee approves the external auditor’s fees and ensures the auditor’s independence as well as focusing on compliance with legal requirements and accounting standards. The ultimate responsibility for reviewing and approving the annual financial statements and interim statements remains with the Board.

The Committee is also responsible for monitoring the quality of internal controls and ensuring that effective risk management systems are in place.

A summary of the work undertaken by the Audit Committee is detailed in the Group’s 2022 Annual Report.

Remuneration Committee – chaired by Natalie Walter

The Remuneration Committee (Natalie Walter and Mario Polywka) meets twice a year and has responsibility for making recommendations to the Board on the remuneration packages of the Executive Directors.

A summary of the work undertaken by the Remuneration Committee, including the Directors’ Remuneration Report is detailed in the Group’s 2022 Annual Report.

Nominations Committee – chaired by Alex Stevenson

The Nominations Committee (Alex Stevenson and Eva-Lotta Allan), which meets as required but typically twice a year, has responsibility for reviewing the size and composition of the Board, and for identifying and nominating, for the approval of the Board, candidates to fill Board vacancies as and when they arise.

A summary of the work undertaken by the Nominations Committee is set out in the Group’s 2022 Annual Report.

Recent changes have been made to the Board at C4XD to ensure the governance framework is in line with the Company’s plans for growth in the longer term. No additional plans have been made to further evolve the framework at this time.

10. Communicate how the Group is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders

The Company aims to communicate regularly with its various stakeholder groups, ensuring that content is clear, fair and accurate. The Company encourages two-way communication with both its institutional and private investors and responds quickly to all queries received. The Chairman talks regularly with the Group’s major shareholders and ensures that their views are communicated fully to the Board.

 

The Company website is regularly updated with announcements or details of presentations and upcoming events.

The Group’s Annual Report, financial reports and Notices of General Meetings of the Company can all be found on the Investors section of the website. The results of voting on all resolutions in future general meetings will be posted to the Company website, including any actions to be taken where a significant proportion of votes were cast against a resolution.

Contact us

contact@c4xdiscovery.com

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C4X Discovery Holdings PLC
Manchester One
53 Portland Street
Manchester
M1 3LD

Catherine Tralau-Stewart PhD
Chief Scientific Officer
Cathy joined C4XD in January 2022 with more than 20 years of senior academic and industry leadership experience. She has an in-depth knowledge of drug discovery and translation of early research innovation into robust drug discovery programmes. Previously she was Senior Director, Alliances, for Takeda Pharmaceuticals, responsible for the strategic development and management of academic alliances for Takeda for the US, Australia, Japan and Europe. Cathy started her career at GSK before moving into academia where she held senior leadership roles building drug discovery portfolios through to Phase III clinical studies, at Imperial College London, University of California San Francisco and Stanford University-Takeda Alliance. Cathy has a BSc (Hons) Biological Sciences (Biochemistry/Pharmacology) and a PhD (Clinical Sciences) University College Hospital Medical School, National Medical Laser Centre, Dept. of Surgery and ICRF (CRUK). She has published more than 25 publications and is the inventor of three granted patents and is a non-inventor contributor of many more. Cathy received the President’s award of Fellow Royal Society of Chemistry (FRSC), is International Meeting Chair 2022 & Previous Invited Board Director Society of Laboratory Screening & Automation (SLAS), Fellow of SLAS, Member of British Pharmacological Society, and acted as advisor to academic entrepreneurship & commercialization programmes including Stanford SPARK, UCSF, UCLA, UCSD, UC Davis and the NIH.
Catherine Tralau-Stewart PhD
Chief Scientific Officer
Cathy joined C4XD in January 2022 with more than 20 years of senior academic and industry leadership experience. She has an in-depth knowledge of drug discovery and translation of early research innovation into robust drug discovery programmes. Previously she was Senior Director, Alliances, for Takeda Pharmaceuticals, responsible for the strategic development and management of academic alliances for Takeda for the US, Australia, Japan and Europe. Cathy started her career at GSK before moving into academia where she held senior leadership roles building drug discovery portfolios through to Phase III clinical studies, at Imperial College London, University of California San Francisco and Stanford University-Takeda Alliance. Cathy has a BSc (Hons) Biological Sciences (Biochemistry/Pharmacology) and a PhD (Clinical Sciences) University College Hospital Medical School, National Medical Laser Centre, Dept. of Surgery and ICRF (CRUK). She has published more than 25 publications and is the inventor of three granted patents and is a non-inventor contributor of many more. Cathy received the President’s award of Fellow Royal Society of Chemistry (FRSC), is International Meeting Chair 2022 & Previous Invited Board Director Society of Laboratory Screening & Automation (SLAS), Fellow of SLAS, Member of British Pharmacological Society, and acted as advisor to academic entrepreneurship & commercialization programmes including Stanford SPARK, UCSF, UCLA, UCSD, UC Davis and the NIH.
Emma Blaney PhD
Chief Operating Officer
Emma oversees the day-to-day operations of the business with responsibility for defining and implementing operations strategy, structure, and processes. As a trained medicinal chemist, Emma joined C4XD in 2014 as a Senior Programme Manager and has gained more than 18 years’ experience working on Drug Discovery programmes within the Pharmaceutical sector. She brings extensive project management experience to the Executive Team with a particular focus on outsourcing management and collaborations. Previously she was a Section Head at Peakdale Molecular leading multiple projects for pharmaceuticals clients and a Medicinal Chemistry Team Leader at GSK within the Neurology and Gastrointestinal Department. Emma has a PhD in Synthetic Organic Chemistry from the University of Leeds, and a first-class Chemistry and Pharmacology degree from the University of Liverpool.
Emma Blaney
Chief Operating Officer
Emma oversees the day-to-day operations of the business with responsibility for defining and implementing operations strategy, structure, and processes. As a trained medicinal chemist, Emma joined C4XD in 2014 as a Senior Programme Manager and has gained more than 18 years’ experience working on Drug Discovery programmes within the Pharmaceutical sector. She brings extensive project management experience to the Executive Team with a particular focus on outsourcing management and collaborations. Previously she was a Section Head at Peakdale Molecular leading multiple projects for pharmaceuticals clients and a Medicinal Chemistry Team Leader at GSK within the Neurology and Gastrointestinal Department. Emma has a PhD in synthetic organic chemistry from the University of Leeds, and a first-class chemistry and pharmacology degree from the University of Liverpool.
Bhavna Hunjan
Chief Business Officer
Bhavna has spent almost 15 years in commercial and corporate roles, first as an investment banker at Lehman Brothers and Nomura International and then in corporate strategy at PwC and Cancer Research UK. In 2016, she was hired by C4XD to incept and establish a new team focused on business development, deal structuring and execution, commercial intelligence, financing, and strategic planning / M&A. Since then, Bhavna has led this team to execute a series of successful licensing deals and strategic partnerships, as well as driving business growth and capital raising as part of the Executive Management team. Bhavna has a first class Masters degree in Biochemistry from the University of Oxford. She was awarded a Rising Star in the Movers & Shakers in BioBusiness 2017, and also voted one of the 30 Rising Leaders in Life Sciences 2020 by In Vivo.
Bhavna Hanjan
Chief Business Officer
Bhavna has spent almost 15 years in commercial and corporate roles, first as an investment banker at Lehman Brothers and Nomura International and then in corporate strategy at PwC and Cancer Research UK. In 2016, she was hired by C4X Discovery to incept and establish a new team focused on business development, deal structuring and execution, commercial intelligence, financing, and strategic planning / M&A. Since then, Bhavna has led this team to execute a series of successful licensing deals and strategic partnerships, as well as driving business growth and capital raising as part of the Executive Management team. Bhavna has a first class Masters degree in Biochemistry from the University of Oxford. She was awarded a Rising Star in the Movers & Shakers in BioBusiness 2017, and also voted one of the 30 Rising Leaders in Life Sciences 2020 by In Vivo.
Simon Harford
Non-Executive Director
Simon’s career spans more than 30 years with significant financial and investor relations expertise in global pharmaceutical companies. Simon is currently CFO at Albireo Pharma Inc., a NASDAQ-listed biotech company where he has raised more than $200 million in equity financing and was previously CFO of Parexel International Inc., a global clinical research organisation, which was acquired by private equity in 2017. Prior to this, Simon held various financial leadership roles at GSK, including SVP Finance, Global Pharmaceuticals. During his tenure, he was responsible for finance in all pharmaceutical markets globally and was a member of the Global Pharmaceutical Operations Committee. Simon also held key financial management roles at Eli Lilly and Company over two decades including Vice President and Controller, CFO and Executive Director Finance for Europe, Middle East and Africa (EMEA) and led the global investor relations function as Executive Director of Investor Relations. He also received the Lilly, Chairman’s Ovation Award 2004 for outstanding achievement to Lilly. Simon has an MBA from the Darden School of Business at the University of Virginia.
Simon Harford
Non-Executive Director
Simon’s career expands more than 30 years with significant financial and investor relations expertise in global pharmaceutical companies. Simon is currently CFO at Albireo Pharma Inc., a NASDAQ-listed biotech company where he has raised more than $200 million in equity financing and was previously CFO of Parexel International Inc., a global clinical research organisation, which was acquired by private equity in 2017. Prior to this, Simon held various financial leadership roles at GSK, including SVP Finance, Global Pharmaceuticals. During his tenure, he was responsible for finance in all pharmaceutical markets globally and was a member of the Global Pharmaceutical Operations Committee. Simon also held key financial management roles at Eli Lilly and Company over two decades including Vice President and Controller, CFO and Executive Director Finance for Europe, Middle East and Africa (EMEA) and led the global investor relations function as Executive Director of Investor Relations. He also received the Lilly, Chairman’s Ovation Award 2004 for outstanding achievement to Lilly. Simon has an MBA from the Darden School of Business at the University of Virginia.
Natalie Walter
Non-Executive Director
Natalie is a corporate finance lawyer with more than 20 years of experience advising on international equity capital markets transactions in the healthcare sector. Natalie is currently General Counsel to Oxford Biomedica plc, a FTSE 250 gene and cell therapy company. Prior to joining Oxford Biomedica, Natalie was an Equity Partner at Covington & Burling LLP advising Boards on a range of strategic, transactional and general corporate finance matters, with particular expertise in advising on deals in the life sciences sector. Prior to this, Natalie had been an Equity Partner at Morrison & Foerster LLP and had spent part of her career as a Director and Legal Counsel on the ECM desk at Lehman Brothers. Natalie was a Board member of RSA (Holdings) Limited until March 2020.
Natalie Walter
Non-Executive Director
Natalie is a corporate finance lawyer with more than 20 years of experience advising on international equity capital markets transactions in the healthcare sector. Natalie is currently General Counsel to Oxford Biomedica plc, a FTSE 250 gene and cell therapy company. Prior to joining Oxford Biomedica, Natalie was an Equity Partner at Covington & Burling LLP advising Boards on a range of strategic, transactional and general corporate finance matters, with particular expertise in advising on deals in the life sciences sector. Prior to this, Natalie had been an Equity Partner at Morrison & Foerster LLP and had spent part of her career as a Director and Legal Counsel on the ECM desk at Lehman Brothers. Natalie was a Board member of RSA (Holdings) Limited until March 2020.
Alex Stevenson PhD
Non-Executive Director
Alex began his career as a microbiologist, working in research for a number of years before joining an NYSE-quoted drug development company. He subsequently moved into pharmaceutical and healthcare investment and has fulfilled a number of board-level investment and operational management roles. He was a Director and shareholder in Aquarius Equity from 2008, where he was responsible for identifying new investments and developing and implementing scientific strategies both pre and post-investment. These included Tissue Regenix Group plc, C4X Discovery Holdings plc and Brabant Pharma (subsequently sold to Zogenix, Inc.). Alex joined the Board of C4XD as a Non-Executive Director following Aquarius’ investment in the Company. Prior to joining Aquarius, Alex worked for IP Group plc, where he specialised in life sciences investments identifying, developing and advising a number of companies in its portfolio, some of which went on to list on AIM. He joined IP Group following its acquisition of Techtran Group Limited in 2005 and Alex is a Co-Founder of 4D pharma plc and has served as Chief Scientific Officer since 2014.
Alex Stevenson PhD
Non-Executive Director
Alex began his career as a microbiologist, working in research for a number of years before joining an NYSE-quoted drug development company. He subsequently moved into pharmaceutical and healthcare investment and has fulfilled a number of board-level investment and operational management roles. He was a Director and shareholder in Aquarius Equity from 2008, where he was responsible for identifying new investments and developing and implementing scientific strategies both pre and post-investment. These included Tissue Regenix Group plc, C4X Discovery Holdings plc and Brabant Pharma (subsequently sold to Zogenix, Inc.). Alex joined the Board of C4XD as a Non-Executive Director following Aquarius’ investment in the Company. Prior to joining Aquarius, Alex worked for IP Group plc, where he specialised in life sciences investments identifying, developing and advising a number of companies in its portfolio, some of which went on to list on AIM. He joined IP Group following its acquisition of Techtran Group Limited in 2005 and Alex is a Co-Founder of 4D pharma plc and has served as Chief Scientific Officer since 2014.
Chief Financial Officer
Brad Hoy
Brad has more than 20 years’ experience in the pharmaceutical and biotechnology industries and has held a number of senior financial and general management positions in both the UK and the US. Previously, Brad was Chief Financial Officer of Plethora Solutions Holdings plc, an AIM-listed specialty pharmaceutical company, Chief Executive Officer of Xcellsyz Limited, a UK venture capital-backed life science company, and Senior Director of Geron Corporation’s stem cell-focused UK subsidiary. Brad was formerly a Non-Executive Director on the Board of Directors for e-Therapeutics plc.
Brad Hoy
Chief Financial Officer
Brad has more than 20 years’ experience in the pharmaceutical and biotechnology industries and has held a number of senior financial and general management positions in both the UK and the US. Previously, Brad was Chief Financial Officer of Plethora Solutions Holdings plc, an AIM-listed specialty pharmaceutical company, Chief Executive Officer of Xcellsyz Limited, a UK venture capital-backed life science company, and Senior Director of Geron Corporation’s stem cell-focused UK subsidiary. Brad was formerly a Non-Executive Director on the Board of Directors for e-Therapeutics plc.
Chief Scientific Officer
Craig Fox PhD
Craig is an experienced biologist and NIH funded Principal Investigator who has worked on and managed many Drug Discovery and development projects over more than 20 years in the industry, from initial target selection right through to investigating clinical efficacy and safety in Phase 2 patient studies. Craig joined C4XD as Head of Biology in June 2015 before becoming Chief Scientific Officer in October later that year. Prior to joining C4XD, Craig was Director of Respiratory Research at Pulmagen Therapeutics, a clinical stage company spun out of Argenta in 2010. At Pulmagen, Craig managed several of its collaborations and partnerships, including those with AstraZeneca, Chiesi, Domantis, Dr Reddy’s, Skyepharma and Teijin Pharma. Craig was part of the Etiologics team that merged with Argenta Discovery in 2004 and prior to this he worked for Bayer as a Research Scientist. Craig has a PhD in Respiratory Medicine from Birmingham University and a first-class Biochemistry degree from the University of Surrey.
Craig Fox PhD
Chief Scientific Officer
Craig is an experienced biologist and NIH funded Principal Investigator who has worked on and managed many Drug Discovery and development projects over more than 20 years in the industry, from initial target selection right through to investigating clinical efficacy and safety in Phase 2 patient studies. Craig joined C4XD as Head of Biology in June 2015 before becoming Chief Scientific Officer in October later that year. Prior to joining C4XD, Craig was Director of Respiratory Research at Pulmagen Therapeutics, a clinical stage company spun out of Argenta in 2010. At Pulmagen, Craig managed several of its collaborations and partnerships, including those with AstraZeneca, Chiesi, Domantis, Dr Reddy’s, Skyepharma and Teijin Pharma. Craig was part of the Etiologics team that merged with Argenta Discovery in 2004 and prior to this he worked for Bayer as a Research Scientist. Craig has a PhD in Respiratory Medicine from Birmingham University and a first-class Biochemistry degree from the University of Surrey.
Clive Dix BSc PhD HonFBPhS
Chief Executive Officer
Clive has more than 30 years’ experience through senior pharmaceutical industry positions and a degree and PhD in Pharmacology. His expertise includes an in-depth understanding of Drug Discovery and development, a broad knowledge of the science and commercial landscape across therapeutic areas and solid experience of the pharmaceutical business and finance community supporting the sector. Clive was Co-Founder and CEO of Convergence Pharmaceuticals Ltd, acquired by Biogen, and Co-Founder and CEO of PowderMed Ltd, acquired by Pfizer. Previously, he was SVP, Research and Development and a Board member of PowderJect Pharmaceuticals plc, acquired by Chiron Vaccines. Clive began his career in industry at Ciba-Geigy and GlaxoWellcome. Clive is currently a Non‑Executive Board member of the Medicines Discovery Catapult and on the Board of PHTA, the University of Birmingham’s flagship research facility. He was Chairman of the BioIndustry Association and interim Chair of the UK Vaccines taskforce who oversaw the supply of one of the most successful COVID-19 vaccine rollout programmes in the world.
Clive Dix PhD
Chief Executive Officer
Clive has more than 30 years’ experience in life science research, with over 20 years in senior pharmaceutical industry positions and a degree and PhD in Pharmacology. His expertise includes an in-depth understanding of all facets of Drug Discovery and development, a broad knowledge of the science and commercial landscape of a variety of therapeutic areas and solid experience of the pharmaceutical business and finance community supporting the sector. Clive was Co-Founder and Chief Executive of Convergence Pharmaceuticals Ltd, which was acquired by Biogen in January 2015. Clive was previously Co-Founder and Chief Executive of PowderMed Ltd, a vaccines development company acquired by Pfizer in November 2006. Before that he was Senior Vice President, Research and Development and a Board member of PowderJect Pharmaceuticals plc until its acquisition by Chiron Vaccines in 2003. Clive began his career in industry at Ciba-Geigy and then GlaxoWellcome, where he left as UK Research Director in 2001. Clive, a recent past Chairman of the BioIndustry Association, is currently Non-Executive Chairman of Centauri Ltd and a Non‑Executive Board member of the Medicines Discovery Catapult. Clive was appointed Deputy Chair of the UK Vaccines taskforce in June 2020, the group set up by the Government to tackle the COVID-19 pandemic and In December 2020, he stepped up to the role of Interim Chairman to oversee the supply of one of the most successful vaccine rollout programmes in the world.
Eva-Lotta Allan
Non-Executive Chairman
Eva‐Lotta has more than 30 years' experience in the healthcare industry. During this time, she has been a senior executive and Board member at both public and private companies. Most recently, Eva‐Lotta was Chief Business Officer (and previously a Board member) at Immunocore, where she held full responsibility for all aspects of business development and played an instrumental role in the $320 million fundraising in 2015. Prior to this, Eva‐Lotta served as Chief Business Officer and member of the Executive Committee and Euronext IPO team for Ablynx NV, as well as senior positions at Vertex Pharmaceuticals (Europe) Ltd, Oxford Asymmetry International plc, Oxford Glycosciences and Amersham International. Eva-Lotta currently serves as Chair of Draupnir Bio, Non-Executive Director and member of the Corporate Governance Committee and the R&D Sub-Committee of Oslo listed company, Targovax ASA, and is a Non-Executive Director and member of the Nomination and Remuneration commission of Almirall, and Non-Executive Director of Crescendo Biologics and Aleta Biotherapeutics. Eva-Lotta was a Board member of the UK BioIndustry Association (BIA).
Eva-Lotta Allan
Non-Executive Chairman
Eva‐Lotta has more than 30 years' experience in the healthcare industry. During this time, she has been a senior executive and Board member at both public and private companies. Most recently, Eva‐Lotta was Chief Business Officer (and previously a Board member) at Immunocore, where she held full responsibility for all aspects of business development and played an instrumental role in the $320 million fundraising in 2015. Prior to this, Eva‐Lotta served as Chief Business Officer and member of the Executive Committee and Euronext IPO team for Ablynx NV, as well as senior positions at Vertex Pharmaceuticals (Europe) Ltd, Oxford Asymmetry International plc, Oxford Glycosciences and Amersham International. Eva-Lotta currently serves as Chair of Draupnir Bio, Non-Executive Director and member of the Corporate Governance Committee and the R&D Sub-Committee of Oslo listed company, Targovax ASA, and is a Non-Executive Director and member of the Nomination and Remuneration commission of Almirall, and Non-Executive Director of Crescendo Biologics and Aleta Biotherapeutics. Eva-Lotta was a Board member of the UK BioIndustry Association (BIA).
Mario Polywka DPhil
Non-Executive Director
Mario has more than 20 years’ experience in leadership roles across the biotech industry with strong operational, commercial, strategic and drug discovery expertise. He was Chief Operating Officer of Evotec SE for 12 years, where he was involved with transactions worth more than $1.0 billion within Evotec and Oxford Asymmetry International, prior to becoming a Member of the Evotec Supervisory Board. Previously he was CEO and Chairman of Glycoform Limited, Chairman of Nanotether Discovery Sciences, and CEO of Southampton Polypeptides Limited. Mario holds a number of Non-Executive Board Director positions in biotech companies including Exscientia, Forge, Blacksmith Medicines and Orbit Discovery. Mario studied chemistry at Oxford University, where he also completed a DPhil with Professor Steve Davies and a postdoc with the late Professor Sir Jack Baldwin. He is a Fellow of the Royal Society of Chemistry and has published a number of papers in leading publications.
Mario Polywka DPhil
Non-Executive Director
Mario has more than 20 years’ experience in leadership roles across the biotech industry with strong operational, commercial, strategic and drug discovery expertise. He was Chief Operating Officer of Evotec SE for 12 years, where he was involved with transactions worth more than $1.0 billion within Evotec and Oxford Asymmetry International, prior to becoming a Member of the Evotec Supervisory Board. Previously he was CEO and Chairman of Glycoform Limited, Chairman of Nanotether Discovery Sciences, and CEO of Southampton Polypeptides Limited. Mario holds a number of Non-Executive Board Director positions in biotech companies including Exscientia, Forge, Blacksmith Medicines and Orbit Discovery. Mario studied chemistry at Oxford University, where he also completed a DPhil with Professor Steve Davies and a postdoc with the late Professor Sir Jack Baldwin. He is a Fellow of the Royal Society of Chemistry and has published a number of papers in leading publications.
Clare Murray PhD
SVP Drug Discovery
Clare, a trained pharmacologist, joined C4XD in 2015 as Project Manager to lead the preclinical development activities for the Orexin-1 receptor antagonist project now licensed to Indivior. She leads the Biology and Taxonomy3 teams at C4XD and, as Senior VP Drug Discovery, is jointly managing the C4XD research and development pipeline with Dr. Nick Ray. Clare has over 30 years’ experience in Drug Discovery and Development having worked in the Respiratory and Inflammation, Oncology and Emerging Innovations disease areas in AstraZeneca before joining C4XD. As Associate Director and Project Leader at AstraZeneca she provided leadership of cross-functional small molecule and biological drug discovery projects and supported development projects up to Phase 2 clinical studies. Clare was also involved in establishing the AstraZeneca Open Innovation platform and in managing academic industry partnerships. Clare has published more than 20 scientific papers, has a PhD in Neuropharmacology and a first-class Biochemistry degree from the University of Kent.
Clare Murray PhD
SVP Drug Discovery
Clare, a trained pharmacologist, joined C4XD in 2015 as Project Manager to lead the preclinical development activities for the Orexin-1 receptor antagonist project now licensed to Indivior. She leads the Biology and Taxonomy3 teams at C4XD and, as Senior VP Drug Discovery, is jointly managing the C4XD research and development pipeline with Dr. Nick Ray. Clare has over 30 years’ experience in Drug Discovery and Development having worked in the Respiratory and Inflammation, Oncology and Emerging Innovations disease areas in AstraZeneca before joining C4XD. As Associate Director and Project Leader at AstraZeneca she provided leadership of cross-functional small molecule and biological drug discovery projects and supported development projects up to Phase 2 clinical studies. Clare was also involved in establishing the AstraZeneca Open Innovation platform and in managing academic industry partnerships. Clare has published more than 20 scientific papers, has a PhD in Neuropharmacology and a first-class Biochemistry degree from the University of Kent.
Nick Ray PhD
Chief Scientific Officer
Nick oversees the C4XD Drug Discovery portfolio from target selection through to pre-clinical candidate generation and partnering alongside Dr. Clare Murray, SVP Drug Discovery. Nick also leads the medicinal chemistry, structural analysis and computational chemistry/cheminformatics teams and together, with our CTO Dr Charles Blundell, is leading the continued development of our conformational analysis technology, 4Sight. Nick joined C4XD in 2016 and has more than 30 years’ experience leading key programmes at large multi-national companies including Rhône-Poulenc, Celltech and Argenta/Charles River, in the therapeutic areas of oncology, respiratory diseases, inflammation, CNS, pain and metabolic diseases. Eight of these programmes have progressed into the clinic to date. As head of the chemistry department at Charles River’s Harlow U.K. site, Nick was responsible for more than 70 chemists, fostering both the importance of strong medicinal and synthetic chemistry skills and championing professional development for his team, winning the Royal Society of Chemistry Retrosynthesis competition in 2015. He is a named inventor on over 75 patents and patent applications and has published 21 papers and presentation abstracts. Nick holds a PhD in organic chemistry from the University of Birmingham, UK.
Nick Ray PhD
Chief Scientific Officer
Nick oversees the C4XD Drug Discovery portfolio from target selection through to pre-clinical candidate generation and partnering alongside Dr. Clare Murray, SVP Drug Discovery. Nick also leads the medicinal chemistry, structural analysis and computational chemistry/cheminformatics teams and together, with our CTO Dr Charles Blundell, is leading the continued development of our conformational analysis technology, 4Sight. Nick joined C4XD in 2016 and has more than 30 years’ experience leading key programmes at large multi-national companies including Rhône-Poulenc, Celltech and Argenta/Charles River, in the therapeutic areas of oncology, respiratory diseases, inflammation, CNS, pain and metabolic diseases. Eight of these programmes have progressed into the clinic to date. As head of the chemistry department at Charles River’s Harlow U.K. site, Nick was responsible for more than 70 chemists, fostering both the importance of strong medicinal and synthetic chemistry skills and championing professional development for his team, winning the Royal Society of Chemistry Retrosynthesis competition in 2015. He is a named inventor on over 75 patents and patent applications and has published 21 papers and presentation abstracts. Nick holds a PhD in organic chemistry from the University of Birmingham, UK.

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