Press Releases

Full Year Results

C4X Discovery Holdings plc

(“C4XD” or the “Company”)

Full Year Results

Building out the C4XD portfolio, driving early innovation and advancing near-term programmes

7 January 2020 - C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its full year results for the year ended 31 July 2019.

Dr Clive Dix, CEO of C4X Discovery, said: “2019 was a year of building out the C4X Discovery portfolio and advancing our drug discovery programmes to create a sustainable pipeline of potential revenue-generating assets. As momentum continues to build across our key programmes, we remain confident in our business strategy with partner discussions to date confirming commercial interest for our NRF-2 programme. This follows our already out-licensed Orexin-1 programme which is progressing to clinical studies with Indivior. Now in 2020, we will continue to advance the next wave of potential out-licensing candidates and to drive forward partnering deals to create value for our shareholders. With the business in a strong position, we are excited by our future prospects as we focus on building our pioneering Drug Discovery company towards sustainability.”

Highlights (including post-period end)

Financial

  • Revenue was £nil (2018: £7,064,000 driven entirely by the Indivior licensing agreement in 2018)
  • R&D expenses increased 51% to £10,585,000 (2018: £6,992,000), reflecting the Company’s planned increase in drug discovery investment and continued development of lead drug candidates
  • Total loss after tax was £10,912,000 or 18.82 pence per share (2018: £1,135,000 or 2.34 pence per share)
  • Total funds raised of £17.7 million (gross) in two tranches:
    • October 2018, raised £10.1 million (before expenses) from both new and existing investors
    • Post period, November 2019, raised £7.6 million (before expenses) via a placing, subscription by directors and open offer

Operational

Advancing the next wave of out-licensing opportunities

  • Continued progress across C4XD’s proprietary portfolio of 11 drug discovery programmes in multiple therapeutic areas including neurodegeneration, oncology and inflammation
  • Partnering process for oral NRF-2 activator programme launched with discussions to date confirming commercial interest for NRF-2 in Sickle Cell Disease (SCD) and Pulmonary Arterial Hypertension (PAH)
  • Post-period end, Indivior awarded a National Institutes of Health (NIH) HEAL grant to take C4XD’s Orexin-1 antagonist candidate, C4X-3256, into a Phase 1 clinical trial for the treatment of opioid use disorder

Collaborating to advance our Discovery Engine

  • Four new synergistic strategic partnerships to expand core state-of-the-art target identification platform, drug design capabilities and drug discovery portfolio
  • Lead target identified in Horizon Discovery (“Horizon”) collaboration nearing progression into a C4XD drug discovery programme
  • Dr Robin Carr to head newly formed C4XD Drug Discovery Advisory Network to identify new technologies and act as the Company's ambassadors within the Biotech and Pharmaceutical industry

Analyst conference call today

Dr Clive Dix, Chief Executive Officer, and members of the management team will host a webcast for analysts at 11am GMT today. A copy of the final results presentation will be released later this morning on the Company website at www.c4xdiscovery.com. Please contact Consilium Strategic Communications for details on This email address is being protected from spambots. You need JavaScript enabled to view it. / +44 203709 5700.

The Annual Report will be sent to shareholders prior to the Annual General Meeting on 31 January 2020.