12 April 2018
C4X Discovery Holdings plc: 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.
“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.”
Dr Clive DixCEO of C4X Discovery
- 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.
For further information, please contact:
C4X Discovery Holdings plc
Clive Dix, Chief Executive Officer 07801 865 803
Panmure Gordon (UK) Limited (NOMAD and Broker) 020 7886 2500
Freddy Crossley, Emma Earl (Corporate Finance)
Tom Salvesen (Corporate Broking)
Consilium Strategic Communications
Mary-Jane Elliott, Chris Gardner, Matthew Neal 0203 709 5700
About C4X Discovery
C4X Discovery aims 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. The company’s goal is to drive returns through early-stage revenue-generating deals with the pharmaceutical industry.
C4X Discovery has a state-of-the-art suite of proprietary technologies across the drug discovery process. The company’s innovative DNA-based target identification platform (Taxonomy3®) utilises human genetic datasets to identify novel patient-specific targets leading to greater discovery productivity and increased probability of clinical success. This is complemented by C4XD’s novel drug design platform which comprises two innovative chemistry technologies, Conformetrix and Molplex, that combine 4D molecular shape analyses (based on experimental data) with best-in-class computational chemistry. This provides new and unprecedented insight into the behaviour of drug molecules, enabling the production of potent selective compounds faster and more cost effectively than the industry standard.
C4X Discovery is advancing its in-house pipeline in inflammation, neurodegeneration, immuno-oncology, addiction, and diabetes with a number of new drug candidates identified and further progress made towards the pre-clinical licensing discussions. In selecting new targets C4X Discovery will focus on the high-value disease areas and will continue to maximise value from opportunistic areas, for example, immuno-oncology, addiction, and diabetes.
The Company was founded as a spin-out from the University of Manchester. It has a highly experienced management team and Board who have delivered significant value creation within the healthcare sector historically and have enabled C4XD to reach multiple value inflexion points since IPO. For additional information please go to: www.c4xdiscovery.com
***Please see here PDF for the full report***