Press Releases

Half-year results for the six months ended 31 January 2021

C4X Discovery Holdings plc

("C4XD", "C4X Discovery" or the "Company")

Half-year results for the six months ended 31 January 2021

Up to €414 million out-licensing to Sanofi of IL-17A oral inhibitor programme

Drug discovery programmes advance across high value portfolio

29 April 2021 – C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its interim results for the six months ended 31 January 2021.

Dr Clive Dix, CEO of C4X Discovery, commented: “C4X Discovery has continued to advance its high value portfolio of commercially attractive drug candidates for future partners and, post-period end, a €414 million agreement was signed with Sanofi for our IL-17A oral inhibitor programme, demonstrating the value of C4XD’s Drug Discovery expertise and our business model.  C4XD’s focus will now be to further augment the portfolio, continue to build its network of partnerships and advance the pipeline of proprietary and partnered projects.  With two programmes now successfully partnered and a roadmap of potential cash milestones over the next 12-24 months, the Board is confident that, through the delivery of next generation, high quality out-licensing opportunities, C4XD can deliver significant value for shareholders.”

Operational highlights (including post-period events):

  • Indivior’s Phase 1 with C4X_3256 progressing. Single ascending dose study in healthy volunteers successfully completed in April 2021 and preparation for multiple ascending dose study underway
  • One of C4XD’s NRF-2 lead activators C4X-6746 shown to significantly inhibit disease score in a pre-clinical model of inflammatory bowel disease (“IBD”). Candidate nomination and preliminary safety studies continue
  • α4β7 integrin inhibitor programme for the treatment of IBD demonstrated significant selectivity vs α4β1 in vitro and oral bioavailability in PK studies. Discussions with potential partners under CDA continue
  • C4XD and LifeArc risk-share collaboration to progress a small molecule MALT-1 inhibitor programme has made progress, with three novel series identified
  • Post-period
    • Exclusive worldwide licensing agreement with Sanofi for C4XD’s IL-17A oral inhibitor programme worth up to €414 million including:
      • €7 million upfront
      • €407 million in potential development, regulatory and commercialisation milestones, of which €11 million is in pre-clinical milestones
      • Potential for single-digit royalties
    • Following scientific progress over the last year, C4XD is now taking on the leadership of the MALT-1 programme from LifeArc to drive it towards the later stages of drug discovery and deliver a commercial deal
    • Appointment of Simon Harford as a Non-Executive Director to the Board

Financial highlights:

  • Successful fundraise of £15.0 million (before expenses) with a total of 107,142,858 shares issued to both new and existing shareholders
  • R&D investment was £3.3 million in the six months ending 31 January 2021, down £0.3million from the £3.6 million in the six months ended 31 January 2020
  • Cash, cash equivalents, short-term investments and deposits at 31 January 2021 of £15.4 million (31 July 2020: £5.6 million and 31 January 2020: £5.5 million)
    • Cash events post-period:
      • - Imminent €7 million upfront payment following the deal with Sanofi
      • - Received £1.8m R&D tax credit due in respect of the financial year ended 31 July 2020
    • Strong cash position and manageable fixed cost base means the Company has sufficient funding for the foreseeable future
    • Net assets at 31 January 2021 of £19.0 million (31 July 2020: £8.1 million and 31 January 2020: £10.3 million)

Analyst conference call today

Dr Clive Dix, Chief Executive Officer, and members of the management team will host a webcast for analysts at 10.30am UK time 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.

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).