C4X Holdings plc (LON:C4XD) has told investors it is continuing to make progress towards its aim of becoming “the world’s most productive drug discovery and development company”.
In a brief business update this morning, the AIM-quoted firm said it has advanced its key drug discovery programmes in addiction and inflammation.
Revenues potentially not too far away
On top of that, C4X said it is “starting to see the power” of its Taxonomy3 drug discovery platform, which it acquired last year.
The platform uses complex algorithms to analyse various genetic data, allowing the company to identify and characterise new drug target candidates in “commercially valuable diseases areas”.
The thinking is that since these novel targets are based on DNA data, the resulting drugs should have a greater chance of successful clinical development.
C4X said it was in talks with a “number of potential pharmaceutical partners” about developing some of the novel drug candidates discovered through the platform and it expects a deal to be reached.
READ: C4X Discovery Holdings says it is on course to become a self-sustaining drugs discovery 'engine'
Addiction candidate a ‘highly attractive prospect’
“We continue to develop the data package around our most advanced drug candidate, an Orexin-1 antagonist aimed at treating addiction, and have recently completed a study in cocaine-induced brain dopamine elevation,” said chief executive Clive Dix.
“Combined with our already compelling pre-clinical data package around nicotine addiction, we are confident that our lead programme represents a highly attractive prospect for partnering with pharma and the initial discussions are progressing as we had hoped.”
He added: “We are also increasingly seeing the power of our drug discovery engine with exciting new targets identified in inflammation and neurodegenerative diseases.
“These open new opportunities to develop valuable new discovery programmes and early-stage revenue-generating deals with the pharmaceutical industry.”
Shares were unchanged at 74p.