C4X Discovery Holdings PLC (AIM:C4XD) said it is "evolving" its strategy to focus on treatments for immuno-inflammatory diseases.
It follows success in developing and out-licensing early drug candidates, an approach that has generated tie-ups with blue-chip partners worth up to US$1.2bn.
The latest deal, inked with AstraZeneca for its NRF 2 activator programme, has the potential to generate US$402mln in milestone payments and was the highlight of a busy 2022 for C4XD.
In commentary accompanying the drug developer’s interims, chief executive Clive Dix said: “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.”
The group, which also counts Sanofi and Indivior as partners, generated revenues of £1.7mln in the six months ended 31 January 2023, and generated a loss of £3.9mln. The latter figure is unsurprising given the cash being invested in research and development.
More pertinently, it exited the year with £9.6mln in the bank and with net assets valued at £13.6mln.