LONDON (Alliance News) - C4X Discovery Holdings PLC said on Tuesday it had a "strong" first half, though its loss widened on higher research and development costs.
The drug discovery firm said its pretax loss widened to GBP6.3 million in the six months to January 31, versus GBP4.5 million a year ago. The company did not generate revenue in either period.
C4X Discovery said it expects future revenue to be derived from licensing and other income from commercial agreements with industry partners relating to its pre-clinical drug assets, such as the deal signed in 2018 with Indivior PLC which resulted in a GBP7.1 million upfront payment.
Investment in research and development rose 46% to GBP4.9 million in the half, reflecting additional activity across both existing and in-house projects.
Meanwhile, administrative expenses rose 15% to GBP1.4 million due to additional commercial and administrative payroll costs.
C4X Discovery described the half-year, overall, as "strong" as it strengthened its balance sheet and made progress towards commercialisation.
"The company is seeking to grow deal revenues through partnering of its oral NRF-2 activator programme and has received significant commercial interest in its diverse portfolio of pre-clinical assets," said C4X Discovery.
Shares in C4X Discovery were down 3.3% at 58.00 pence on Tuesday.