Press Releases

Full Year Results

C4X Discovery Holdings plc

(“C4XD”, “C4X Discovery” or the “Company”) 

Full Year Results 

A Year of Progress Across Key Drug Discovery Programmes

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

Dr Clive Dix, CEO of C4X Discovery, said: “2020 has also been a year of significant and focused progress for C4XD as we continue to advance our key Drug Discovery programmes within our portfolio. With robust finances now in place we are strongly positioned to generate commercially attractive data packages for future partners and to deliver long term value to our shareholders.

“Despite the hurdles that have arisen this year as a result of the COVID-19 pandemic, the pharmaceuticals sector has shown great resilience, and continues to thrive and deliver innovation. This reinforces our belief in the central role and strength of the industry and the opportunity for C4XD in meeting its need for a sustainable source of high-quality assets to build pipelines.” 

Highlights (including post-period end)

Operational Highlights

  • Post-period: Indivior commenced Phase 1 clinical trial for C4XD’s Orexin-1 antagonist, C4X_3256 (also known as INDV-2000), for the treatment of opioid dependence, with first subject dosed
  • NRF-2 lead activator molecule C4X-6746 shown to significantly inhibit disease score in pre-clinical model of inflammatory bowel disease (“IBD”). Candidate nomination studies continue
  • IL-17 oral inhibitor programme for treatment of psoriasis has been shown to significantly reduce inflammation in vivo, and is being optimised towards candidate shortlist
  • α4β7 integrin inhibitor programme for the treatment of IBD demonstrated significant selectivity vs α4β1 in vitro and oral bioavailability in PK studies. Discussions with several potential partners under CDA continue
  • LifeArc risk-share collaboration continues to progress well. C4XD and LifeArc have completed the initial phase of the collaboration to progress a small molecule MALT-1 inhibitor programme, with three novel series identified. Optimisation studies continue
  • Post-period: new collaboration with GEN-COVID Consortium to investigate the role genetics play in the susceptibility, severity and prognosis between different individuals with COVID-19
  • Conformetrix technology patent was granted in the USA

Financial Highlights

  • Revenue was £nil (2019: £nil)
  • Total loss after tax of £7.8 million or 8.10 pence per share (2019: £10.9m or 18.82 pence per share)
  • R&D expenses reduced by 35% to £6.9 million (2019: £10.6m), reflecting focused investment in key Drug Discovery programmes
  • Net assets of £8.1 million (2019: £7.0m)
  • Total fundraising of £24.2 million (before expenses) in three tranches, one post-period end:
    • October 2019 - fundraise of £7.6 million (before expenses) with a total of 50,573,808 shares issued to both new and existing investors
    • May 2020 - £1.6 million investment (before expenses) by key strategic shareholder Polar Capital with total of 10,836,700 Shares issued
    • Post-period end: October 2020 –fundraise of £15.0 million (before expenses) with a total of 107,142,858 Placing Shares and 99,169,286 Warrants issued to new and existing shareholders
  • Cash:
    • Net cash as at 31 July 2020: £5.6 million (31 July 2019: £2.4m)
    • Net cash as at 30 November 2020 following fundraise: £17.3 million

Analyst conference call today

Dr Clive Dix, Chief Executive Officer, and members of the management team will host a webcast for analysts at 10am 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. / +44 203 709 5700.

The Annual Report will be sent to shareholders prior to the Annual General Meeting on 19 January 2021 and will be made available on the Company’s website at that time..