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21 Nov 2018 | 09:53

C4X Discovery trims annual losses as revenue swells

Drug company C4X Discovery said Wednesday annual losses before tax narrowed sharply as revenues swelled after it penned its first commercial deal during the year.

For the 12 months ended 31 July, losses before tax narrowed to £2.53m from £8.49m a year earlier and revenues swelled to £7.06m from £0.14m a year earlier.

The revenue uptick was driven by the amount received under the Indivior licensing agreement, the company said.

R&D expenses increased by 15% to £6.99M driven by the investment in both the increase in drug discovery activity and the continued development of lead drug candidates, the company added.

'The next year will focus on securing deal revenue from our next generation of discovery programmes, advancing our early stage pipeline towards commercialisation, and continuing to replenish and build our portfolio by identifying novel and exciting drug targets from Taxonomy 3 and beyond, C4X said.

At 9:53am: (LON:C4XD) C4x Discovery Holdings Plc share price was -2p at 84.5p

Story provided by StockMarketWire.com
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