(Alliance News) - C4X Discovery Holdings PLC on Thursday reported a wider annual loss as costs rose and revenue fell.
Shares in C4X Discovery were trading 10% lower at 8.20 pence each in London on Thursday morning.
The Manchester, England-based drug discovery company is focussed on immuno-inflammatory diseases.
Its pretax loss widened to GBP13.4 million in the financial year ended July 31 from GBP10.5 million a year prior.
This was driven by administrative expenses rising by 14% to GBP4.2 million from GBP3.7 million, as well as research and development costs increasing 16% to GBP10.9 million from GBP9.4 million.
Revenue fell 37% to GBP1.7 million from GBP2.7 million a year prior.
Looking ahead, Executive Chair & Chief Executive Officer Clive Dix said: "The decision to focus on immuno-inflammatory diseases sets a defined path forward, allowing us to take our portfolio further into the development pathway. This, we believe, will allow us to garner greater value for our programmes as we extend the partnering timeline with the potential of including clinical data where suitable. With a newly focused immuno-inflammation strategy, a robust balance sheet and streamlined portfolio, C4XD is in a strong position, and we are excited for our future."
By Sabrina Penty, Alliance News reporter
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