LONDON (Alliance News) - C4X Discovery Holdings PLC on Wednesday said its loss narrowed in its recently ended financial year, as revenue multiplied.
The drug discovery company said its loss narrowed to GBP2.5 million in the year to the end of July from GBP8.5 million reported for the same period a year earlier, as revenue jumped to GBP7.1 million from practically nothing previously, GBP143,000.
Research & development costs were higher year-on-year at GBP7.0 million versus GBP6.1 million, reflecting the company's investment in drug discovery activity and its continued development of lead drug candidates.
C4X Discovery said its next generation of programmes, such as NRF-2 activator and oral small molecule IL-17 inhibitor, are gathering momentum and gaining interest from potential partners.
Looking forward, the company intends to focus on out-licensing its next generation of programmes to strategically targeted partners.
"C4X Discovery has had a transformational year in 2018," said Chief Executive Clive Dix.
"Our pipeline continues to progress, with NRF-2 entering a formal partnering process and excellent in vivo data on IL-17 moving this programme towards partnering," added Dix.
C4X Discovery shares were trading 7.8% lower on Wednesday at 79.75 pence each.
