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Drug discovery company C4X Discovery reported a wider annual loss as costs surged following a ramp up in costs from investment both the increase in drug discovery activity and the continued development of lead drug candidates.
For the year ended 31 July 2019, pre-tax losses widened to £12.6m from £2.5m as R&D expenses, increased by 51% to £10.6m.
The company did not generate revenue for the year, marking a sharp contrast from £7.1m generated last year, though that was solely related to the amount received under the Indivior licensing agreement.
'In 2020, we will continue to advance the next wave of potential out-licensing candidates and to drive forward revenue generating deals to create value for our shareholders,' C4X Discovery said.
At 8:24am: (LON:C4XD) C4x Discovery Holdings Plc share price was -2p at 13.5p