Full Year Results


C4X Discovery Holdings plc

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

A strong year positions C4XD portfolio for advancement and expansion in 2022

13 December 2021 – C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its full year audited results for the year ended 31 July 2021.

Dr Clive Dix, CEO of C4X Discovery, said: “2021 has been a tremendous year of progress for C4XD across our entire portfolio, culminating in the signing of our second major licensing deal with a global pharma company.  The €414 million agreement with Sanofi for our IL-17A oral inhibitor programme further demonstrates the value of our Drug Discovery expertise and business model of driving shareholder value through early-stage revenue generating deals. There is also significant partnering interest in NRF2.

I would like to take this opportunity to thank Craig Fox and Harry Finch for their hard work and commitment throughout their tenure with us, and I welcome two new Board members, Simon Harford and Dr Mario Polywka to the Company. As we approach 2022, the successful £15 million financing in autumn 2020, along with a roadmap of potential cash milestones over the next 24 months, allows us to advance and broaden our portfolio as we look to build long-term value for shareholders.”

Operational Highlights (including post-period events)

  • 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
  • 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 in parallel with the conduct of an FDA requested additional 28-day toxicology study due to toxicological findings observed with a competitor molecule
  • NRF2 pre-candidate nomination and preliminary safety studies continue, and poster presented at the virtual European Crohn’s and Colitis Organisation (ECCO) conference showing efficacy in a disease model
  • α4β7 integrin inhibitor programme for the treatment of inflammatory bowel disease (“IBD”) generated multiple chemical series showing significant selectivity vs α4β1 in vitro and oral bioavailability in PK studies. In vivo investigation of functional inhibition following oral dosing is underway
  • C4XD has now taken 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 – three novel series identified, in vivo studies initiated
  • Screening of Taxonomy3®-identified novel genes for Parkinson’s disease recently completed by collaboration partner Phoremost with validation underway.  Analysis of Ulcerative Colitis genetic dataset recently completed and evaluation of identified novel genes being formulated
  • Collaboration with GEN-COVID Consortium to investigate the role genetics plays in the susceptibility, severity and prognosis between different individuals with COVID-19 completed
  • Conformetrix technology patent was granted in the USA
  • Board changes with appointment of Simon Harford and Dr Mario Polywka as Non-Executive Directors and resignation of Craig Fox as Chief Scientific Officer and Dr Harry Finch as Non-Executive Director

Financial Highlights

  • Revenue was £5.6 million (2020: £nil)
  • Total loss after tax of £3.8 million or 1.96 pence per share (2020: £7.8m or 8.10 pence per share)
  • R&D expenses increased by 20% to £8.3 million (2020: £6.9m), reflecting focused investment in key Drug Discovery programmes
  • Net assets of £19.3 million (2020: £8.1m)
  • Successful £15.0 million fundraise (before expenses) with a total of 107,142,858 Placing Shares and 99,169,286 Warrants issued to new and existing shareholders
  • Net cash as at 31 July 2021: £17.1 million (31 July 2020: £5.6m)

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 C4XDiscovery@consilium-comms.com / +44 203 709 5700.

The Annual Report will be sent to shareholders prior to the Annual General Meeting on 18 January 2022 and will be made available on the Company’s website at that time.

C4X Discovery Holdings plc

Mo Noonan, Communications+44 (0)7876 444 977

Panmure Gordon (UK) Limited (NOMAD and Broker) 

Freddy Crossley, Emma Earl (Corporate Finance) +44 (0)20 7886 2500
Rupert Dearden (Corporate Broking)

Consilium Strategic Communications

Mary-Jane Elliott, Chris Gardner, Matthew Neal +44 (0)203 709 5700

C4X Discovery (“C4XD”) is a pioneering Drug Discovery company combining scientific expertise with cutting-edge Drug Discovery technologies to efficiently deliver world‑leading medicines, which are developed by our partners for the benefit of patients.  We have a highly valuable and differentiated approach to Drug Discovery through our enhanced DNA-based target identification and candidate molecule design capabilities, generating small molecule drug candidates across multiple disease areas including inflammation, neurodegeneration, oncology and addictive disorders.  Our commercially attractive portfolio ranges from early-stage novel target opportunities to late-stage Drug Discovery programmes ready for out-licensing to partners and we have two commercially partnered programmes with one candidate in clinical development.

We collaborate with leading pharmaceutical and life sciences companies to enrich our expertise and take our assets through pre-clinical and clinical development.  Through early-stage revenue-generating licensing deals, we realise returns from our high value pre-clinical assets which are reinvested to maximise the value of our Drug Discovery portfolio.  For more information visit us at www.c4xdiscovery.com or follow us on twitter @C4XDiscovery.