THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU.
C4X Discovery Holdings plc
(“C4XD”, “C4X Discovery” or the “Company”)
Interim results for the six months ended 31 January 2018
12 April 2018 - C4X Discovery Holdings plc (AIM: C4XD), a pioneering drug discovery company, today announces its interim results for the six months ended 31 January 2018.
- On 29 March 2018, post-period end, C4XD announced a licensing deal with Indivior worth up to $294 million for C4XD’s oral Orexin-1 receptor antagonist for the treatment of addiction, receiving $10 million upfront. The treatment of addiction represents a substantial area of unmet medical need, forecast to be worth an estimated $13 billion per annum in 20181.
Discovery Engine progress
- Following the out-licensing of C4XD’s IND-ready Orexin-1 programme to Indivior, the Company now has three lead drug discovery programmes showing in vivo activity, opening up a path to candidate selection and opportunity to progress to partnering discussions.
- C4XD’s proprietary drug asset portfolio of ten programmes across a number of therapeutic areas, including inflammation, neurodegeneration, immuno-oncology, addiction and diabetes, has progressed towards revenue generation.
Innovative technologies to advance drug development
- A new version of the Taxonomy3® software was released in late 2017 which has doubled the analysis speed for gene-gene interaction and continued investment in the software will result in C4XD being capable of analysing six disease datasets per annum.
- C4XD has initiated the creation of a specialised visualiser (“4Sight”) to allow the viewing of C4XD’s proprietary 4D molecular data to provide a revolutionary way of viewing and comparing molecules in a virtual world utilising the latest VR technology.
- 4Sight has been chosen as a case study for Immerse UK which is supporting the UK in becoming the global leader in the application of immersive technologies.
- Investment in R&D was £3.4 million in the six months ending 31 January 2018, up £0.4 million from the £3.0 million in the six months ended 31 January 2017 reflecting progress across the portfolio.
- Cash, cash equivalents, short-term investments and deposits at 31 January 2018 of £1.4 million (31 July 2017: £2.2 million and 31 January 2017: £6.0 million).
- Net assets at 31 January 2018 of £6.2 million (31 July 2017: £10.1 million and 31 January 2017: £6.9 million).
- Post-period end an R&D tax credit of £1.7 million and the upfront payment from Indivior of £7.1 million ($10.0 million) have been received.
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 portfolio of pre-clinical assets aimed at meeting the pharma industry’s increasing demand for high quality early-stage drug candidates and now have a number maturing towards potential out-licensing discussions, with three in particular gaining momentum and commercial interest. The post period completion of the deal with Indivior validates our business model and serves as a solid foundation on which to build towards additional high-value licensing agreements for our portfolio, existing and future.”
1. Source: GBI Research 2012
Analyst conference call today
Clive Dix (Chief Executive Officer), Brad Hoy (Chief Financial Officer) and Craig Fox (Chief Scientific Officer) will present the results at 10:00am BST on 12 April 2018 during a live conference call and webcast. A copy of the final results presentation will be released later this morning on the Company's website at www.c4xdiscovery.com.
Dial-in details are:
Participant local dial-in: +44 (0)330 336 9411
Participant free phone dial-in: 0800 279 7204
Participant code: 2785155
To access the audio webcast, please follow this link.
An audio replay file will be made available shortly afterwards via the Company website: www.c4xdiscovery.com.
Download the interim financial report below.