- The Board is committed to the delivery of C4X Discovery’s (“C4XD”) vision to become the world’s most productive, self-sustaining Drug Discovery Engine.
- Focus has shifted to generating a high value pre-clinical asset portfolio that will drive revenue through early stage licensing deals with the pharmaceutical industry. Existing fee-for-service agreements have been discontinued during the current financial year.
- The Company continues to enhance its core state-of-the-art target identification and drug design capabilities through strategic partnerships:
- A new multi-target risk-sharing alliance with Evotec AG (“Evotec”) was announced in September 2016. Evotec and C4XD will work together on novel small molecule drugs across a range of targets, therapeutic areas and stages of development.
Discovery Engine progress
- C4XD’s proprietary drug asset portfolio has grown from three programmes in addiction, diabetes and chronic obstructive pulmonary disorder in 2014, to eight programmes across a number of therapeutic areas.
- Disease areas of focus are inflammation, neurodegeneration, and opportunistic areas (e.g. immuno-oncology, addiction, and diabetes).
- Brad Hoy, Chief Financial Officer, and Dr Craig Fox, Chief Scientific Officer, were appointed to the Board of Directors in November 2016.
- Completion of a £5.0 million fundraise in September 2016 through the placing of 4,901,961 new ordinary shares in the capital of the Company (“Ordinary Shares”) at a price of 102 pence per Ordinary Share, bringing in new institutional investors including Calculus Capital Limited and Polar Capital LLP.
- Cash, cash equivalents, short-term investments and deposits at 31 January 2017 of £2.2 million (31 July 2016: £1.3 million and 31 January 2016: £5.0 million).
- Net assets at 31 January 2017 of £6.1 million (31 July 2016: £4.3 million and 31 January 2016: £5.3 million).
- Completion of a £7.0 million fundraise in March 2017 through the placing of 8,235,294 new Ordinary Shares with existing and new investors at a price of 85 pence per Ordinary Share.
- Proceeds of the fundraise will be used to support working capital and continue successful execution of the Company’s strategy, strengthen the balance sheet as partnering discussions progress, and expand C4XD’s commercial capabilities.
Dr Clive Dix, CEO of C4X Discovery, said: “The recent period has seen C4XD make significant progress towards our goal of becoming the world’s most productive, self-sustaining Drug Discovery Engine. We have strengthened our cash position and management team, and entered a strategic alliance with Evotec which, alongside our own innovative drug discovery technologies, will expand our ability to generate commercially attractive pre-clinical assets to meet the pharma industry’s increasing demand for high quality early-stage drug candidates. C4XD aims to continue growing its commercial capabilities and progressing partnering discussions with the aim of completing at least one revenue-generating deal on the C4XD portfolio in the next 12 months. Myself, the Board and senior management are excited about the future of the Company.”
Download the interim financial report below.