C4X Discovery Holdings PLC said a strong performance in the year to July has placed its product portfolio in a good position for advancement and expansion in the current year.
The drug discovery company reported revenue of £5.6mln in the year to 31 July 2021, after it received a €7mln upfront payment from Sanofi on the signing of the licence agreement for C4XD’s oral inhibitor programme IL-17A to treat psoriasis, which is worth up to €414mln.
R&D expenses increased by 20% to £8.3mln, reflecting investment in key drug discovery programmes.
The loss after tax shrank to £3.8mln from £7.8mln.
The company raised £15mln in a placing and open offer during the year.
Net assets stood at £19.3mln at the end of July, up from £8.1mln a year earlier, while cash and cash equivalents rose to £17.1mln from £5.6mln.
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The company said Indivior continues to make “excellent” progress on C4XD's oral Orexin-1 receptor antagonist C4X_3256, also known as INDV-2000, for the treatment of addiction, which the company out-licensed to Invidior in 2018 for US$294mln. With the Phase 1 single ascending dose clinical trial completed, preparation for the multiple ascending dose study is now underway, it said.
C4XD said it is working to progress the rest of its portfolio, including its NRF2 programme for inflammatory diseases, the α4β7 integrin inhibitor programme for Inflammatory Bowel Disease (IBD) and its MALT-1 inhibitor programme for oncology and inflammation indications.
Chief executive Clive Dix described full-year 2021 as “a tremendous year of progress” for the company.
“Following the €414mln agreement with Sanofi for our IL-17A oral Inhibitor programme, C4XD is focused on driving forward its portfolio towards future out-licensing opportunities, including NRF-2 where there is significant partnering interest,” Dix said.
“Over the next 12-24 months we will look to advance and augment our portfolio to deliver the next generation of high value, commercially attractive candidates to secure strategic collaborations with high quality partners and deliver value for our shareholders.”