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C4X Discovery up research spending as programme progresses

C4X has an an ambition to increase the number of pipeline programmes more than threefold by 2019
C4X Discovery up research spending as programme progresses
C4X upped its spending on reserach

C4X Discovery Holdings PLC (LON:C4XD) saw losses more than double as the cost of research rose sharply.

The drug discovery company saw loss after tax increase to £2.7mln in the six months ended January 2016, compared to £1mln the previous period.

“Research and development expenses at £2.7m for the six months ended 31 January 2016 showed a significant increase compared with the equivalent prior period,” said executive chairman Clive Dix.

It reflected progress within its development pipeline, particularly the progression of the Orexin programme, its treatment for addictive disorders.

Operating losses were £3.4mln, compared to a loss of £1.2mln.

 “With an ambition to increase the number of pipeline programmes more than threefold by 2019, we believe the group is well positioned to deliver future value to shareholders,” said Dix.

Shares stood at 103p at market close Wednesday.

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