C4XD losses widen

C4X Discovery Holdings posts an after-tax loss of £5,321,000 or 16.83 pence per share for the year to the end of July - up from £3,064,000 or 10.77 pence per share in 2015.

R&D expenses increased by 66% to £5,239,000 while administrative expenses increased by £903,000 during the year to £1,817,000 (2015: £904,000).

Fee-for-service revenue for the year was £279,000 (2015: £312,000).

Chief executive Dr Clive Dix said: "In this period, C4X Discovery has taken significant steps towards our vision of becoming the world's most productive Drug Discovery Engine.

"We have acquired new technologies to enhance our core target identification and drug design capabilities, expanded our drug asset portfolio and signed new strategic alliances to support our core expertise in solving the drug discovery challenges that confound others.

"We have defined our strategy to drive revenue through early-stage licensing deals around a high value, pre-clinical portfolio. In the coming year, we will focus on securing deal revenue from our existing portfolio, progressing our discovery candidates to pre-clinical development, identifying novel and exciting drug targets and selectively building our operations to support our vision. I believe C4X Discovery has the team in place to deliver this strategy."