3 Jan 2024 07:00
C4X Discovery Holdings plc
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("C4XD", "C4X Discovery" or the "Company")
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AstraZeneca triggers $11 million preclinical milestone payment to C4X Discoveryunder its NRF2 exclusive worldwide licence agreement worth up to $402 million
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3 January 2024 - C4X Discovery Holdings plc (AIM: C4XD), a pioneering Drug Discovery company, today announces that it has received a milestone payment of $11 million from AstraZeneca triggered by preclinical progress of C4XD's NRF2 Activator programme.
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Under the terms of the licensing agreement announced in November 2022, C4XD received an initial $2 million upfront payment and is potentially entitled to receive up to $400 million in preclinical, clinical development and commercial milestones, and to tiered mid-single digit royalties on future sales.
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AstraZeneca is developing C4XD's former NRF2 Activator programme to deliver an oral therapy for the treatment of inflammatory and respiratory diseases, with a lead focus on chronic respiratory disease.
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Clive Dix, CEO of C4X Discovery, said: "This significant preclinical milestone payment marks the progress AstraZeneca has made in driving the NRF2 Activator programme forward. NRF2 is a challenging target and this achievement provides further validation of our ability to generate differentiated, quality molecules in immuno-inflammation. We believe that our unique approach can deliver transformative oral therapies for patients suffering from immuno-inflammatory diseases. This is a great start to our year and we are confident of seeing further progress across our entire portfolio in 2024."
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This announcement contains inside information for the purpose of the UK Market Abuse Regulations.
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- Ends -
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Contacts
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C4X Discovery Holdings | Â |
Mo Noonan, Communications | +44 (0)787 6444977 |
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Panmure Gordon (UK) Limited (NOMAD and Broker) | Â |
Freddy Crossley, Emma Earl (Corporate Finance) | +44 (0)20 7886 2500 |
Rupert Dearden (Corporate Broking) | |
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C4X Discovery Media - ICR Consilium | Â |
Mary-Jane Elliott, Chris Gardner, Matthew Neal | +44 (0)203 709 5700 |
C4X Discovery Holdings |
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Notes to Editors:
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About C4X Discovery
C4X Discovery (C4XD) is a pioneering Drug Discovery company, combining scientific expertise with cutting-edge technologies to efficiently deliver world?leading medicines. We have a highly valuable and differentiated approach to Drug Discovery through our enhanced molecular design and patient stratification capabilities, generating small molecule drug candidates across multiple disease indications focused on immuno-inflammation. We are advancing our internal portfolio which ranges from early-stage target opportunities to late-stage Drug Discovery programmes and we have two commercially partnered programmes with Sanofi and AstraZeneca, and one clinical stage candidate which has been acquired by Indivior.
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For more information visit us at www.c4xdiscovery.com or follow us on twitter @C4XDiscovery.
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