April 15th Meeting27 Mar 2024 10:23
The talk of maybe delisting is just a proposal at the moment. The shares will probably still be allowed to trade direct with this company for up to a year as they stated.
So it's not really a reason to panic yet, they seem to be making money too. Cash of £17m approx.
Dr Clive Dix, CEO of C4X Discovery, said: "We have not taken this decision lightly, however, following an extensive review and deliberation to ascertain the most effective way to maximise Shareholder value in the longer term and increase the potential for the long-term success of the Company, the Board has unanimously concluded that it is in the best interests of the Company and our Shareholders to delist from AIM and re-register as a private limited company.
C4X has a successful track record of out-licensed pre-clinical assets to world-leading pharmaceutical companies. The Company has signed three deals which have in total generated $55 million to date demonstrating its scientific and deal-making capabilities:
· In November 2022, AstraZeneca signed a world-wide exclusive agreement worth up to $400 million for C4XD's NRF2 Activator programme; the first milestone payment of $11 million was received in February 2024.
· In April 2021, Sanofi signed a world-wide exclusive agreement for the Company's oral pre-clinical IL-17A inhibitor programme worth up to ?414 million; the first milestone payment of ?3 million was received in July 2022.
· In March 2018, Indivior signed a licensing agreement for C4XD's Orexin-1 Receptor Antagonist Programme which it subsequently acquired in July 2023 for £15.95 million.