Chairmans Letter2 Apr 2025 19:18
C4X Discovery Shareholder Letter
2nd April 2025
Dear Shareholder
It’s now three months since I took up my role at C4XD and my Board has agreed that now would
be a good time to provide you with a business update.
Firstly to say that I’m delighted and honoured to be working with the Board and staff at C4XD. The
Company has an enviable record of drug discovery with four assets currently in progress and
three previously partnered programs. This is testament to the great work carried out by the team
and also by my predecessors.
Secondly, I’d like to thank our CEO, Emma Blaney, and our CSO, Nick Ray, for stepping up to the
Board and for making my transition as smooth as possible. Clearly with all the changes in Q4
2024, it was important that we steadied the ship as we entered 2025. I’d also like to thank the two
Non-Executive Directors, Harmesh and Richard, for their support in ensuring that the change in
leadership was as smooth as possible.
By way of a business update, there are some key aspects to which I, on behalf of the Board, would
like to draw to your attention: - - - - -
With four drug discovery programs in hand and noting that this size of portfolio would
require significant resources, we have reviewed the business strategy
Whilst the partnered programs with AZ and Sanofi continue to move forward, changes at
the FDA, for example, add to the uncertainty of timing of milestone payments
Whilst the capital markets for biotech continue to be very challenging, C4XD is in an area
(Inflammation and Immunology) that remains “hot” in terms of both partnering and VC
funding; the deal signed between Leo Pharma and Gilead at the end of 2024 underlines
this
Our team has held several very encouraging partnering discussions during Q1,
underlining the level of corporate interest in our therapeutic area
Until sufficient capital becomes available, the Board believes that it should focus its
resources on advancing our drug discovery programs; in turn we will explore the best
strategic options for our technology platforms, Conformetrix and PatientSeek, according
to available capital and resources.
Continued.................................
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