- 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, as reported in the 2016 annual report.
- 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.
- Year-end cash of £6,031,000 (2016: £1,328,000) remains on the balance sheet following the £5 million and £7 million raised via placings.
- R&D expenditure rose 16% to £6,100,000 (2016: £5,239,000) reflecting both the increase in drug discovery activity and the continued development of lead drug candidates towards commercialisation.
- The Board is committed to the delivery of C4X Discovery Holding plc’s (“C4XD’s”) vision to become the world’s most productive drug discovery engine by exploiting cutting-edge technologies to design and create best-in-class small molecule candidates targeting a range of high value therapeutic areas.
- C4XD focusses on 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 multi-target risk-sharing alliance with Evotec AG (“Evotec”) was announced in September 2016.
Discovery Engine progress
- C4XD’s proprietary drug asset portfolio has grown from three programmes 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.
• New pre-clinical data on C4XD’s leading Orexin-1 antagonist programme were presented at Neuroscience 2017 in November in Washington, DC.
Dr Clive Dix, CEO of C4X Discovery, said: “This has been an important year for C4XD in positioning us to achieve our ambitions in drug discovery and deliver value for our shareholders. We have progressed our pipeline towards commercialisation, identified new drug targets and discovery programmes and raised the capital required to support our strategy.
“We have also seen high levels of pre-clinical partnering interest for our lead programme Orexin-1 to treat addiction and have entered into late stage commercial discussions. During the fundraise in March 2017 we stated that we fully expected to complete our first commercial deal within 12 months of that date. We believe and understand that this is a crucial element of successful implementation of our business model. We continue to believe that this important milestone will be met. Our goal is to become a self-sustaining business and I am confident we will see significant progress in the coming months in delivering on the potential of our model.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).