3 Jan 2024 07:00
C4X Discovery Holdings plc
("C4XD", "C4X Discovery" or the "Company")
AstraZeneca triggers $11 million preclinical milestone payment to C4X Discoveryunder its NRF2 exclusive worldwide licence agreement worth up to $402 million
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.
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.
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.
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."
This announcement contains inside information for the purpose of the UK Market Abuse Regulations.
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Contacts
C4X Discovery Holdings |
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Mo Noonan, Communications | +44 (0)787 6444977 |
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Panmure Gordon (UK) Limited (NOMAD and Broker) |
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Freddy Crossley, Emma Earl (Corporate Finance) | +44 (0)20 7886 2500 |
Rupert Dearden (Corporate Broking) | |
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C4X Discovery Media - ICR Consilium |
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Mary-Jane Elliott, Chris Gardner, Matthew Neal | +44 (0)203 709 5700 |
C4X Discovery Holdings |
Notes to Editors:
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.
For more information visit us at www.c4xdiscovery.com or follow us on twitter @C4XDiscovery.