In the company’s results statement covering the year to the end of July 2019, Clive Dix, the chief executive officer of C4X, said it was a year of building the drug discovery portfolio and advancing the drug discovery programmes to create a sustainable pipeline of potential revenue-generating assets.
Having successfully licensed its Orexin-1 programme to Indivior PLC (LON:INDV) in the previous year, the emphasis in fiscal 2019 was on building the next wave of licensing opportunities, with the NRF-2 programme for the treatment of inflammatory diseases leading the way.
The NRF-2 activator programme has entered into the partnering phase, C4X reminded investors. Early discussions have demonstrated to C4X that there is clear commercial interest and opportunity for NRF-2, the company asserted.
Recent pre-clinical studies performed by both academia and industry, combined with C4X’s in-house data, indicate NRF-2 activation as a potentially desirable therapeutic option for the treatment of Sickle Cell Disease. Further studies are now underway aiming to support candidate nomination in the first quarter of this year.
Reflecting the company’s push to develop its portfolio, research and development expenses in the year rose to £10.6mln from £7.0mln the year before.
This, combined with the fact that unlike in the previous year, when it received £7.1mln of revenue from Indivior, the group had no revenue meant that losses widened to £10.9mln from £1.1mln the previous year.
“As momentum continues to build across our key programmes, we remain confident in our business strategy with partner discussions to date confirming commercial interest for our NRF-2 programme,” Dix said.
“This follows our already out-licensed Orexin-1 programme which is progressing to clinical studies with Indivior,” the chief executive added.
“Now in 2020, we will continue to advance the next wave of potential out-licensing candidates and to drive forward partnering deals to create value for our shareholders. With the business in a strong position, we are excited by our future prospects as we focus on building our pioneering drug discovery company towards sustainability," Dix declared.