TIDMC4XD
RNS Number : 4759X
C4X Discovery Holdings PLC
30 April 2019
C4X Discovery Holdings plc
("C4XD", "C4X Discovery" or the "Company")
Interim results for the six months ended 31 January 2019
30 April 2019 - C4X Discovery Holdings plc (AIM: C4XD), a
pioneering drug discovery company, today announces its interim
results for the six months ended 31 January 2019.
Operational highlights:
Partnering updates
-- Partnering process for oral NRF-2 activator programme launched
o Commercial interest across multiple disease areas including,
Chronic Obstructive Pulmonary Disease ("COPD"), Pulmonary Arterial
Hypertension ("PAH") and Sickle Cell Disease ("SCD")
-- Indivior continues to progress C4X_3256 (Orexin-1 receptor antagonist)
o NIH funded investigation of the effect of C4X_3256 in cocaine
addiction efficacy models showing promising results with continued
partner support
Discovery portfolio growth
-- Expansion of proprietary drug discovery portfolio continues
o Portfolio contains eleven active discovery programmes, up from
nine in 2018
-- Includes three late-stage programmes demonstrating in vivo
activity
-- Significant expansion of early-stage discovery portfolio and capabilities during the period:
o Two drug discovery partnerships announced, adding new
programmes to the portfolio:
-- LifeArc(R) : to generate lead compounds on an
inflammation/oncology drug target subject of multiple pre-clinical
deals in the last 12 months
-- GTN Ltd ("GTN"): to identify potential small molecule hits
against a neurodegeneration target
o Exclusive target discovery partnership with Horizon Discovery
Group plc (AIM: HZD, "Horizon") to validate novel, synthetic lethal
oncology targets to initiate drug discovery programmes against
-- Continued development of protocol and capabilities to
prosecute Taxonomy3(R) outputs with the aim of establishing a
portfolio of targets suitable for multi-asset and single asset
deals
Proprietary technology and commercialisation capability
development
-- Prudent investment in expansion of drug discovery capabilities continues
o Launch of Stage 2 of 4Sight, C4XD's proprietary molecular
visualisation and design tool, in collaboration with Epic Games
-- Expansion of commercial-focussed resource
Fundraise
-- Successful fundraise of GBP10.1 million (before expenses)
completed 9th October 2018, with a total of 11,210,674 shares
issued to both new and existing investors
Financial highlights:
-- R&D investment was GBP4.9 million in the six months
ending 31 January 2019, up GBP1.5 million from the GBP3.4 million
in the six months ended 31 January 2018, reflecting progress across
the portfolio
-- Cash, cash equivalents, short-term investments and deposits
at 31 January 2019 of GBP9.2 million (31 July 2018: GBP5.6 million
and 31 January 2018: GBP1.4 million)
-- Net assets at 31 January 2019 of GBP12.8 million (31 July
2018: GBP8.2 million and 31 January 2018: GBP5.5 million)
Dr Clive Dix, CEO of C4X Discovery, said: "C4XD has continued to
strengthen its drug discovery capabilities and advance its
portfolio of novel pre-clinical assets this first half year. Having
launched a partnering process for our NRF-2 programme, we are now
in licensing discussions with pharmaceutical partners to take
forward our lead series to clinical development. We are also
excited to enter new partnerships with LifeArc, GTN, and Horizon
which have enabled us to augment our discovery engine with
technologies at the cutting-edge of drug discovery and accelerate
the growth of our portfolio by accessing highly attractive
earlier-stage therapeutic targets and chemistry. I would like to
take this opportunity to thank our shareholders for their support
and we look forward to continued success in the second half of the
year."
-S-
For further information, please contact:
C4X Discovery Holdings plc
Clive Dix, Chief Executive Officer 07801 865 803
Panmure Gordon (UK) Limited (NOMAD and Broker) 020 7886 2500
Freddy Crossley, Emma Earl (Corporate Finance)
James Stearns (Corporate Broking)
Consilium Strategic Communications
Mary-Jane Elliott, Chris Gardner, Matthew Neal
0203 709 5700
Meeting and conference call for analysts
Clive Dix (Chief Executive Officer), Brad Hoy (Chief Financial
Officer) and Craig Fox (Chief Scientific Officer) will host a
briefing for analysts at 12:00pm BST on 30 April 2019 at the
offices of Panmure Gordon, 1 New Change, London EC4M 9AF. There
will be a simultaneous live conference call with Q&A.
Dial-in details are:
Participant local dial-in: +44 (0) 2071 928000
Participant free phone dial-in: 0800 376 7922
Participant code: 1070314
A copy of the interim results presentation will be released
later this morning on the Company's website at
www.c4xdiscovery.com.
About C4X Discovery
C4X Discovery (C4XD) aims to create the world's most productive
drug discovery engine by using cutting-edge technologies and
expertise to efficiently deliver best-in-class small-molecule
medicines to clinical partners for the benefit of patients. The
Company's business model focuses on replenishing big pharma
discovery pipelines and driving returns through revenue generating
pre-clinical licensing deals. In 2018, C4XD successfully
out-licensed a pre-clinical programme in addictive disorders to
Indivior in a deal worth up to $294m.
C4XD has a state-of-the-art suite of proprietary technologies
across the drug discovery process and accesses further innovative
capabilities and expertise through its growing network of partners.
The Company is actively advancing its diverse pre-clinical
discovery portfolio which is focused on inflammation,
neurodegeneration and oncology (including immuno-oncology).
Opportunities to maximise value from the portfolio are proactively
driven by C4XD's commercial division. The Company is led by a
highly experienced management team and Board who have delivered
significant value creation within the healthcare sector.
For additional information please go to:
www.c4xdiscovery.com
An overview of key, disclosable progress updates made during the
period can be found below. For additional background information
reported previously, please refer to C4XD's 2018 Annual Report.
Corporate overview
During the interim period, C4XD continued to advance towards its
aim of creating the world's most productive drug discovery engine,
delivering value through the creation of a high value portfolio
through commercialisation with pharmaceutical partners.
Post-period end, C4XD performed a routine review of its
three-year operational plan to deliver its strategic objectives.
With C4XD having validated its model through the Indivior licensing
agreement and with the portfolio, discovery and commercialisation
capabilities all expanding, the Board has reinforced its commitment
to the Company's vision and business model.
Investment will continue to be strategically prioritised in the
highest value markets and portfolio growth will continue to be
driven by commercially-focused scientific innovation. This will be
supported by a growing network of strategic partners and
recruitment across key functional areas, including the expansion of
C4XD's commercial function through recruitment from blue-chip
professional services firms, as seen during the period. The Company
will continue to focus on leveraging its commercial function to
pursue an industry leading approach to efficient and effective
partnering of its assets.
Discovery Engine and portfolio progress
C4X Discovery continues to advance its in-house pipeline that is
primarily focused on the high value therapeutic areas of
inflammation, neurodegeneration and oncology (including
immuno-oncology).
Partnered Programmes
Oral Orexin-1 Receptor Antagonist Programme
In March 2018, C4XD successfully out-licensed its novel, oral
Orexin-1 receptor antagonist (C4X_3256) to addiction market leaders
Indivior, generating $10 million upfront and up to $284 million of
potential development, regulatory and commercialisation milestones,
in addition to royalties. Our partner Indivior remains supportive
and is progressing this investigational drug for the treatment of
opioid dependence.
In July 2018, C4XD announced that the C4X_3256 programme had
been awarded a grant by the National Institute on Drug Abuse (NIDA,
a division of National Institute of Health (NIH)). The grant of
approximately $480k has supported the investigation of the effects
of C4X_3256 in cocaine addiction efficacy models. Recent data from
these studies have demonstrated that C4X_3256 significantly
inhibits cue-induced reinstatement similar to activity observed
previously in nicotine addiction models, further reinforcing the
broad potential of C4X_3256 in substance use disorders.
Inflammation
Oral NRF-2 Activator Programme
C4XD has designed and discovered novel potent activators of the
NRF-2 pathway, which is important in mediating lung diseases such
as chronic obstructive pulmonary disease ("COPD"), and pulmonary
arterial hypertension ("PAH"), and other inflammatory diseases. In
addition, recent scientific attention for this target has also
extended to Sickle Cell Disease ("SCD") where pre-clinical data
suggests that the anti-oxidant and anti-inflammatory activity
provided by NRF-2 activators may ameliorate haemolysis-related
complications such as severe pain episodes, organ damage, heart
attacks and stroke. NRF-2 activation has also been shown to
directly induce foetal haemoglobin (HbF) production by blood
progenitor cells and increased HbF has been found to ameliorate
many clinical manifestations of SCD.
C4XD continued to make critical progress in this programme, with
multiple C4XD compounds shown to significantly increase NRF-2
activation in the lungs, liver, heart, spleen and other target
tissues following low dose oral administration in pre-clinical
studies. The latest round of C4XD designed novel compounds were
optimised for solubility and pharmacokinetic properties and passed
the threshold required to initiate partnering discussions. As such,
C4XD officially launched the partnering process for its NRF-2
activator programme in late 2018, engaging multiple partners across
several high-value disease areas.
The Company continues to be in confidential discussions with
multiple partners post-period end.
Oral IL-17 Inhibitor Programme
As reported previously, our programme has identified small
molecules that can selectively block IL-17 activity whilst keeping
molecular size of the molecule in the traditional "drug-like"
range. To date, the identification of orally available small
molecules has proved extremely challenging but remain highly
sought-after within the pharmaceutical industry.
Multiple potent compounds suitable for oral delivery have been
identified and were shown to inhibit IL-17 induced cytokines in the
blood in vivo when administered orally prior to IL-17
administration. Commercially, this is a critical requirement as
current marketed drugs that target IL-17 are based on injectable
monoclonal antibodies so an oral treatment would increase the
number of patients who can access drugs targeting this mechanism.
This is highly desired by potential partners.
A range of compounds have been developed suitable for extensive
profiling during the period, with studies currently in progress to
enable the selection of specific compounds for testing in a disease
efficacy model driven by endogenous IL-17.
Oral <ALPHA>4<BETA>7 Integrin Inhibitor
Programme
During 2018, C4XD initiated an evaluation stage drug discovery
programme to harness the synergy between its proprietary
Conformetrix technology and protein crystallography to expedite the
identification of novel, selective <ALPHA>4<BETA>7
integrin inhibitors for the treatment of Inflammatory Bowel Disease
(IBD).
During the period, C4XD was awarded a c.GBP140k Biomedical
Catalyst award from InnovateUK to support these efforts.
Neurodegeneration
Parkinson's Disease ("PD")
Following the initiation of the first drug discovery programme
in 2018 derived from Taxonomy3(R) analyses of PD datasets, further
progress continues to be made in prioritising novel,
high-potential, disease-associated, genetically validated drug
targets suitable to be the subject of new drug discovery
programmes. The integration of C4XD's novel proprietary
PD-associated genes into E-Therapeutics' Network-driven Drug
Discovery ("NDD") platform (collaboration announced May 2018) has
identified further novel pathophysiological mechanisms for PD, as
well as providing further support for targets recently proposed in
the scientific literature. A key next step for these novel insights
into the underlying disease biology of PD is to examine the
potential biological effects of these identified targets in
disease-relevant biological assays.
To this end, the Company is examining the effect of 35 tool
molecules in neuronal and microglial cell phenotypic assays
relevant to PD, with these tool molecules identified as interactors
with the proteins derived from the novel gene-list generated using
Taxonomy3(R), with the option to expand these studies to examine
the additional novel findings discovered through the E-Therapeutics
collaboration.
Post-period end, C4XD continued to explore innovative
technologies to enhance its target selection activities, with the
aim of reaching a prioritised short-list of high-potential targets
for progressing towards drug discovery programmes with multiple
options for commercialisation. Some targets may be selected for
internal drug discovery programmes which C4XD will develop towards
a candidate molecule with the aim to partner in single-asset deal.
In addition to this, a portfolio of targets linked to a specific
disease (such as Parkinson's) may be commercialised as a package in
a multi-asset deal. These multi-asset deals are likely to be highly
applicable to targets identified by Taxonomy3(R) analyses (e.g.,
Rheumatoid Arthritis) and findings from future datasets.
Alzheimer's Disease ("AD")
As with PD, progress continues to be made in prioritising novel,
high-potential, disease-associated, genetically validated drug
targets suitable to be the subject of new drug discovery
programmes, following completion of Taxonomy3(R) analysis of the AD
dataset. During the period, activities were initiated to identify
tool compounds for use in disease-relevant phenotypic assays, with
progress continuing post-period end towards establishing the
biological assays required to examine the biological effects of
these targets.
GTN collaboration
In November 2018, C4XD announced that it had entered into a drug
discovery partnership with GTN, a disruptive new player in the
field of drug discovery artificial intelligence ("AI"), initially
focussing on identifying potential small molecule hits against a
high-value neurodegeneration target, adding another commercially
attractive programme to C4XD's portfolio.
GTN is at the forefront of using deep-learning techniques and
quantum physics to simulate, filter and identify molecules that are
hidden from traditional technologies as potential hits for drug
discovery programmes. C4XD, using its conformational analysis
platform Conformetrix, will provide GTN with world-leading
molecular descriptors for use in this in silico discovery platform.
By combining both technologies, the collaboration will aim to
unlock new areas of chemical space and identify novel small
molecules.
During the period, the first round of molecules was identified
for synthesis and testing in relevant assays, with further
design-make-test cycles continuing post-period end.
Oncology (including immuno-oncology)
C4XD continues to progress its drug discovery programmes against
two key therapeutic targets identified for the treatment of cancer
in the immuno-oncology space, both of which are at the evaluation
stage and remain within C4XD's multi-target, risk-sharing alliance
with Evotec AG ("Evotec") (announced in September 2016). Commercial
interest remains for novel small molecules against these
targets.
LifeArc(R) collaboration
In November 2018, C4XD announced that it had entered into a
discovery partnership with LifeArc(R) , one of the UK's leading
medical research charities. C4XD and LifeArc will collaborate to
progress medicinal chemistry efforts on a novel, commercially
attractive programme with applicability across oncology and
inflammation indications. The undisclosed target originated from
LifeArc's extensive partnerships in early-stage academic research
and adds another high-value programme to C4XD's discovery
portfolio.
The partnership will combine leading drug discovery expertise
from both organisations, including application of C4XD's
proprietary ligand-focussed conformational analysis platform,
Conformetrix, to LifeArc(R) 's extensive background and experience
in the programme. The aim is to develop oral, potent and selective
small molecule drug candidates against the undisclosed target
suitable for pre-clinical partnering.
Horizon collaboration
In December 2018, C4XD announced that it had entered into an
exclusive target discovery partnership with Horizon, a global
leader in the application of gene editing and gene modulation
technologies.
The partnership aims to validate novel synthetic lethal oncology
targets that have been identified by Horizon's cutting-edge
CRISPR-Cas9 technology leading, to the generation of potential new
drugs for patients with limited effective treatments in indications
such as colorectal and lung cancer.
C4XD aims to apply its proprietary 4D shape-based chemistry
technology (Conformetrix) to discover drug candidates directed
against these high-value, novel, synthetic lethality targets and
out-license them to clinical development partners. This discovery
partnership bolsters C4XD's oncology pipeline, a high priority
therapeutic area for the Company.
Initiation of further target validation studies began during the
period and by post-period end, isogenic cell studies utilising
CRISPR-Cas9 were underway for multiple targets to further
demonstrate synthetic lethality.
Technology
4Sight
4Sight, C4XD's proprietary molecular visualisation and design
tool that includes virtual reality functionality and developed
using the Unreal Engine from Epic Games, progressed to Stage 2 of
development. Whilst Stage 1 focused on the development of
visualisation software allowing chemists to view C4XD's proprietary
ligand conformational data, Stage 2 will focus on incorporating
design capabilities into the interface, as well as allowing the
Company's drug designers to pull in additional information, such as
protein structures and associated molecular data, to inform design
decisions.
Financial review
Revenue for the six months ended 31 January 2019 was nil (six
month period ended 31 January 2018: GBPnil). C4XD expects future
revenues to be derived from licensing and other income from
commercial agreements with industry partners relating to C4XD's
pre-clinical drug assets, such as that signed in 2018 with Indivior
which resulted in a GBP7.1 million ($10 million) upfront
payment.
Investment in research and development at GBP4.9 million for the
six months ended 31 January 2019 showed a 46% increase compared to
the equivalent prior period (six month period ended 31 January
2018: GBP3.4 million). This increased spend reflects additional
activity across both existing and new in-house pipeline
projects.
At GBP1.4 million, administrative expenses for the six months
ended 31 January 2019, have increased by 15% compared to those
reported in the equivalent prior period (six month period ended 31
January 2018: GBP1.2 million) due primarily to additional
commercial and administrative payroll costs.
The net loss for the six months ended 31 January 2019 amounted
to GBP5.0 million or a loss of 9.38 pence per Ordinary Share (six
month period ended 31 January 2018: GBP3.7 million or loss of 7.85
pence per Ordinary Share).
On 9th October 2018, C4XD successfully raised GBP10.1 million,
before expenses, by way of a placing and open offer, further
details of which can be found in note 6.
C4XD had net assets at 31 January 2019 of GBP12.8 million (31
July 2018: GBP8.2 million and 31 January 2018: GBP5.5 million) and
cash and cash equivalents of GBP9.2 million (31 July 2018: GBP5.6
million and 31 January 2018: GBP1.4 million).
Outlook
In delivering its vision and maximising value, C4XD must bring
the most novel, high-value small molecule assets to its clinical
development partners in as efficient a way as possible and continue
to focus on an industry-leading approach to effectively partnering
these assets. The Company will continue to meet this challenge by
advancing its in-house proprietary discovery capabilities and
accessing an expanding network of strategic collaborators to
accelerate its portfolio growth, whilst continuously seeking
commercialisation opportunities on its high-value pre-clinical
portfolio.
C4XD had a strong first half, strengthening its balance sheet,
making progress towards commercialisation, expanding its portfolio
and significantly growing its strategic partnership network. The
Company is seeking to grow deal revenues through partnering of its
oral NRF-2 activator programme and has received significant
commercial interest in its diverse portfolio of pre-clinical
assets.
Interim consolidated statement of comprehensive income
For the six months ended 31 January 2019
Six months Six months Year
to to to
31 January 31 January 31 July
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Notes
Revenue 3 - - 7,064
Cost of sales - - -
Gross profit - - 7,064
Research and development
expenses (4,908) (3,357) (6,992)
Administrative expenses (1,357) (1,177) (2,605)
Operating loss (6,265) (4,534) (2,533)
Finance income 10 3 7
Loss before taxation (6,255) (4,531) (2,526)
Taxation 4 1,230 875 1,391
Loss for the period and
total comprehensive loss
for the period (5,025) (3,656) (1,135)
============= ============= ==========
Loss per share :
Basic and diluted loss
for the period 5 (9.38)p (7.85)p (2.44)p
============= ============= ==========
Interim consolidated statement of changes in equity
For the six months ended 31 January 2019
Share
Issued based Capital
equity Share payment Merger contribution Revenue
capital premium reserve reserve reserve reserve Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 August
2017 2,490 22,844 260 920 195 (17,649) 9,060
Loss for the
six months to
31 January 2018 - - - - - (3,656) (3,656)
Share-based
payments - - 124 - - - 124
At 31 January
2018 2,490 22,844 384 920 195 (21,305) 5,528
======== ======== ========= ======== ============== ========= ========
Profit for
the six months
to 31 July
2018 - - - - - 2,521 2,521
Share-based
payments - - 125 - - - 125
At 31 July
2018 2,490 22,844 509 920 195 (18,784) 8,174
====== ======= ==== ==== ==== ========= ========
Loss for the
six months
to 31 January
2019 - - - - - (5,025) (5,025)
Issue of share
capital 112 9,977 - - - - 10,089
Expenses of
placing and
open offer - (559) - - - - (559)
Shares issued
on exercise
of options - 1 - - - - 1
Share-based
payments - - 128 - - - 128
At 31 January
2019 2,602 32,263 637 920 195 (23,809) 12,808
====== ======= ==== ==== ==== ========= ========
Interim consolidated statement of financial position
As at 31 January 2019
31 January 31 January 31 July
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 74 76 83
Intangible assets 364 503 433
Goodwill 1,192 1,192 1,192
1,630 1,771 1,708
------------ ------------ ----------
Current assets
Trade and other receivables 661 497 388
Income tax asset 2,596 2,575 1,366
Cash and cash equivalents 9,194 1,390 5,578
12,451 4,462 7,332
------------ ------------ ----------
Total assets 14,081 6,233 9,040
------------ ------------ ----------
Liabilities
Current liabilities
Trade and other payables (1,273) (705) (866)
(1,273) (705) (866)
------------ ------------ ----------
Total liabilities (1,273) (705) (866)
------------ ------------ ----------
Net assets 12,808 5,528 8,174
============ ============ ==========
Capital and reserves
Issued equity capital 6 2,602 2,490 2,490
Share premium 6 32,263 22,844 22,844
Share-based payment reserve 637 384 509
Merger reserve 920 920 920
Capital contribution reserve 195 195 195
Revenue reserve (23,809) (21,305) (18,784)
Total equity 12,808 5,528 8,174
============ ============ ==========
Approved by the Board and authorised for issue on 30 April
2019
Brad Hoy
Chief Financial Officer
30 April 2019
Interim consolidated cash flow statement
For the six months ended 31 January 2019
Six months Six months Year
to to to
31 January 31 January 31 July
2019 2018 2018
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Loss after tax and interest (5,025) (3,656) (1,135)
Adjustments for:
Depreciation of property, plant and equipment 25 27 51
Amortisation of intangible assets 69 67 137
Share-based payments 128 124 249
Finance income (10) (3) (7)
Taxation (1,230) (875) (1,391)
Changes in working capital
(Increase)/decrease in trade and other
receivables (273) 51 160
Increase/(decrease) in trade and other
payables 407 (366) (205)
Cash outflow from operating activities (5,909) (4,631) (2,141)
Research and development tax credit received - - 1,725
Net cash outflow from operating activities (5,909) (4,631) (416)
------------- ------------- ----------
Cash flows from investing activities:
Purchases of property, plant and equipment (16) (13) (44)
Finance income 10 3 7
------------- ------------- ----------
Net cash outflow from investing activities (6) (10) (37)
------------- ------------- ----------
Cash flows from financing activities:
Proceeds from the issue of ordinary share 10,090 - -
capital
Expenses of placing and open offer (559) - -
Net cash inflow from financing activities 9,531 - -
------------- ------------- ----------
Increase/(decrease) in cash and cash
equivalents 3,616 (4,641) (453)
Cash and cash equivalents at the start
of period 5,578 6,031 6,031
------------- ------------- ----------
Cash, cash equivalents and deposits at
the end of the period 9,194 1,390 5,578
============= ============= ==========
Notes to the interim financial report
For the six months ended 31 January 2019
1. Corporate information
The principal activity of the C4X Discovery Holdings plc is
research and development, a review of which is included in the
CEO's Statement.
C4XD is incorporated and domiciled in the United Kingdom and its
registered number is 09134041. The address of the registered office
is Manchester One, 53 Portland Street, Manchester, M1 3LD.
The interim financial information was approved for issue on 30
April 2019.
2. Accounting policies
Basis of preparation
The accounting policies adopted in this interim financial report
are consistent with those followed in the preparation of the
Group's annual report and accounts for the year to 31 July 2018,
except for the following changes:
The interim financial information for the six months ended 31
January 2019 and 31 January 2018 is unaudited and does not
constitute statutory accounts as defined in the Companies Act 2006.
This interim financial report includes audited comparatives for the
year to 31 July 2018. The 2018 annual report and accounts received
an unqualified audit opinion and has been filed with the Registrar
of Companies.
These interim financial statements have been prepared in
accordance with IAS34 Interim Financial Reporting. They do not
include all the information required for a complete set of IFRS
financial statements. However, selected explanatory notes are
included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position
and performance since the last annual consolidated financial
statements as at and for the year ended 31 July 2018.
Basis of consolidation
This interim financial report consolidates the financial
statements of C4X Discovery Holdings plc and the entities it
controls (its subsidiaries).
3. Revenue
Revenue from contracts with customers
Six months to Six months Year to
to
31 January 31 January 31 July
2019 2018 2018
GBP'000 GBP'000 GBP'000
Revenue recognised at a point
in time
Right-to-use licence revenue - - 7,064
Revenue recognised over time - - -
--------------- ------------ --------
- - 7,064
--------------- -------------------------------------------- --------
4. Taxation
The tax credit is made up as follows:
Six months Six months Year to
to to
31 January 31 January 31 July
2019 2018 2018
GBP'000 GBP'000 GBP'000
UK corporation tax losses in - - -
the period
Research and development income
tax credit receivable (1,230) (850) (1,366)
Adjustment in respect of prior
periods - (25) (25)
----------- ----------- --------
(1,230) (875) (1,391)
----------- ----------- --------
5. Loss per share
31 31
31 January January July
2019 2018 2018
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------- ----------------------- -----------
Loss for the financial period attributable
to equity shareholders (5,025) (3,656) (1,135)
-------------------------------------------- ------------- ----------------------- -----------
Weighted average number of shares: No. No. No.
Ordinary shares in issue 53,576,407 46,555,087 46,555,087
-------------------------------------------- ------------- ----------------------- -----------
Basic loss per share (pence) (9.38)p (7.85)p (2.44)p
-------------------------------------------- ------------- ----------------------- -----------
Diluted loss per share has not been presented above as the
effect of share options issued is anti-dilutive.
6. Issued share capital and share premium
Deferred Ordinary Share Deferred Share Total
shares shares capital shares premium
Number Number GBP000 GBP000 GBP000 GBP000
------------------------ ---------- ----------- --------- --------- --------- -------
Ordinary and deferred
shares as at 31
January 2018 and
31 July 2018 2,025,000 46,555,087 465 2,025 22,844 25,334
------------------------ ---------- ----------- --------- --------- --------- -------
Issue of share capital
on placing - 11,111,111 111 - 9,889 10,000
Issue of share capital
on open offer - 99,563 1 - 88 89
Expenses of placing
and open offer - - - - (559) (559)
Issue of share capital
on exercise of share
options - 26,875 - - 1 1
------------------------ ---------- ----------- --------- --------- --------- -------
Ordinary and deferred
shares as at 31
January 2019 2,025,000 57,792,636 577 2,025 32,263 34,865
------------------------ ---------- ----------- --------- --------- --------- -------
7. Interim financial report
A copy of this interim condensed financial report is available
on C4XD's website at www.c4xdiscovery.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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