LONDON (Alliance News) - C4X Discovery Holdings PLC on Wednesday said it has sealed a research collaboration agreement with a department at Oxford University, as its pretax loss for the year to the end of July widened due to a ramp up in research and development costs.
The drug discovery and design company said it has signed a research deal with Oxford University's Structural Genomics Consortium department, part of the Nuffield Department of Clinical Medicine. The consortium works with pharmaceutical companies.
Under the terms of the deal, C4X has been given access to structural, biological and therapeutic information held by the consortium on a number of therapeutic targets and related assays.
The agreement was announced as C4X said its pretax loss for the year to the end of July widened to GBP3.8 million from GBP1.3 million a year earlier, driven by a hike in research and development spending to GBP3.2 million from GBP1.2 million. Revenue for the group also halved, down to GBP312,000 from GBP619,000.
Over the year, the company progressed is Orexin programme candidate drug to formal pre-clinical and safety studies and renewed collaboration deals with German drug company Evotec AG and Takeda Cambridge Ltd, a subsidiary of Japanese pharmaceutical firm Takeda Pharmaceutical Co.
Shares in C4X were untraded on Wednesday, having last traded at 67.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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