Manchester and London, UK, 23 October, 2014 – C4X Discovery (C4XD), a drug development company with a leading technology for rational drug discovery and design, announced that Admission and trading of its Ordinary Shares commences today on the AIM market of the London Stock Exchange ('AIM').
The Company has successfully raised £11 million (before expenses) by placing 11 million ordinary shares with institutional and other investors at a placing price of 100 pence per ordinary share (the 'Placing'). C4XD's market capitalisation on admission, based on the placing price, is approximately £31 million.
Funds raised are exclusively for the Company and will principally be used to progress two of C4XD's programmes through to clinical trials, towards generating Proof of Concept in man as well as continuing to apply its
technology to other high-value areas with high unmet medical need.
There are no selling shareholders pursuant to the Placing and approximately 64 per cent. of shareholders will be locked in for 12 months following admission and a further 12 months thereafter at the discretion of Zeus Capital, the Company's Nomad and sole broker.
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. It can be used in conjunction with existing technologies for structure-based drug design and can make a particularly high impact when protein crystallography is not routinely available, as is the case for GPCRs and ion channels.
The technology can also be applied to help identify and generate novel crystal polymorph forms, with exciting potential applications in the life cycle management of existing branded pharmaceuticals.
C4XD is a University of Manchester spin-out. The Company's Admission Document can be found at: http://www.c4xdiscovery.com/