Half-year results for the six months ended 31 January 2023


This announcement contains inside information

C4X Discovery Holdings plc

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

Up to $402 million AstraZeneca deal for NRF2 Activator programme; Third global out-licensing deal executed

 Future strategic focus to deliver high value small molecules to treat immuno-inflammatory diseases

 Launched PatientSeek, a Precision Medicine platform for optimised patient selection based on its Taxonomy3® genetic analysis technology

26 April 2023 – C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces its half-year results for the six months ended 31 January 2023.

Dr Clive Dix, CEO of C4X Discovery, said:

C4XD has continued to make significant strides across our portfolio during the period, culminating in our third global out-licensing deal, this time with AstraZeneca for our NRF2 Activator programme worth up to $402 million.  This external validation of our ability to generate high-quality small molecule discovery programmes builds on previous deals with globally recognised partners Sanofi and Indivior and brings our total potential deal value to $1.2 billion1

 “I’m excited that following a review of our expertise and previous successes, our strategy is now focused on treatments for immuno-inflammatory diseases.  With our proven expertise in drug discovery and our rigorous approach to programme development, we believe that a more focused approach on immuno-inflammatory diseases will allow us to harness our skillset and take the development of our programmes further, providing greater value for shareholders.”

 

Operational Highlights (including post-period events)

  • Indivior’s Phase 1 multiple ascending dose clinical trial of C4XD’s oral Orexin-1 receptor antagonist, C4X_3256 (INDV-2000), for substance use disorder is ongoing.
  • Sanofi is progressing C4XD’s IL-17A inhibitor programme for inflammatory diseases towards the next milestone
  • C4XD signed an exclusive worldwide licensing agreement with AstraZeneca in November 2022, worth up to $402 million, for its NRF2 Activator programme.
  • α4β7 integrin inhibitor programme for inflammatory bowel disease delivered compounds showing improved activity at a lower dose compared to example competitor clinical compounds in a pharmacodynamic model after oral dosing.
  • MALT-1 inhibitor programme for cancer examined a lead compound in a mouse xenograft study that showed equivalent efficacy at equivalent dose to the Johnson & Johnson clinical compound JnJ-67856633 (in Phase 1) and the project is moving forward to identification of candidate shortlist molecules.
  • C4XD internal portfolio expanded in inflammatory diseases and new programmes identified to progress into Lead Optimisation and beyond.
  • C4XD launched PatientSeek, a Precision Medicine platform for optimised patient selection based on its Taxonomy3® genetic analysis technology, following key results from a collaboration with Australia’s Garvan Institute of Medical Research (“Garvan Institute”).
  • Dr Nick Ray has been appointed as Chief Scientific Officer.

Financial Highlights

  • Revenue was £1.7 million (January 2022: £0.1 million)
  • Total loss after tax of £3.9 million or 1.55 pence per share (January 2022: £4.5m or 1.98 pence per share)
  • R&D expenses was £5.2 million (January 2022: £3.9m), reflecting focused investment in key Drug Discovery programmes
  • Net assets of £13.6 million (January 2022: £15.2m)
  • Net cash as at 31 January 2023: £9.6 million (31 January 2022: £11.7m)

Analyst webcast and conference call today

Dr Clive Dix, Chief Executive Officer, and members of the management team will host a webcast for analysts at 9:30am BST today.  The webcast can be accessed online at:

https://www.lsegissuerservices.com/spark/C4xDiscoveryHolding/events/d062ff53-5db5-4b93-a428-089daeee0030

A copy of the final results presentation will be released later this morning on the Company website at www.c4xdiscovery.com.

  1. Total deal value calculation based on exchange rates at the time of each deal.

C4X Discovery Holdings plc

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

Panmure Gordon (UK) Limited (NOMAD and Broker) +44 (0)20 7886 2500

Freddy Crossley, Emma Earl (Corporate Finance)
Rupert Dearden (Corporate Broking)

C4X Discovery Media – 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.  We have a highly valuable and differentiated approach to Drug Discovery through our enhanced candidate molecule design and patient stratification capabilities, generating small molecule drug candidates across multiple disease areas focused on immuno-inflammation.  Our commercially attractive portfolio ranges from early-stage target opportunities to late-stage Drug Discovery programmes and we have three commercially partnered programmes with one candidate in clinical development.

For more information visit us at www.c4xdiscovery.com or follow us on twitter @C4XDiscovery.