C4X Discovery Holdings PLC Divestment of Orexin-1 to Indivior for GBP15.95m (8175H)
August 01 2023 - 1:00AM
UK Regulatory
TIDMC4XD
RNS Number : 8175H
C4X Discovery Holdings PLC
01 August 2023
This announcement contains inside information
C4X Discovery Holdings plc
("C4XD", "C4X Discovery" or the "Company")
Strategic Divestment of C4XD's Orexin-1 Receptor Antagonist
Programme to Indivior for GBP15.95 Million
Sale encompasses all rights and enables immediate revenue
recognition
Non-dilutive proceeds to accelerate progress of
immuno-inflammatory portfolio
1 August 2023 - C4X Discovery Holdings plc (AIM: C4XD), a
pioneering Drug Discovery company, today announces the execution of
an asset purchase agreement for Indivior PLC (LSE: INDV)
("Indivior") to acquire the proprietary rights to C4XD's oral
Orexin-1 receptor antagonist, C4X_3256 (INDV-2000) for substance
use disorder, for GBP15.95 million .
The completion of this non-dilutive strategic divestment forms
part of C4XD's evolution towards becoming an immuno-inflammatory
therapeutics company. As indicated in C4XD's April 2023 interim
results, the Company's portfolio will focus on treatments for
immuno-inflammatory diseases, including its lead small molecule
<ALPHA>4<BETA>7 integrin inhibitor programme that aims
to expand access to disease modifying treatments for patients with
inflammatory bowel disease. The Company believes it can deliver
greater value for shareholders by progressing these programmes
further and intends to advance the <ALPHA>4<BETA>7
programme towards the clinic and move two further
immuno-inflammatory programmes into Lead Optimisation.
Under the terms of the agreement, the previous license agreement
announced on 29(th) March 2018 will be terminated and Indivior will
assume all rights related to the development and use of C4X_3256
(INDV-2000) and related compounds(1) . In 2019, Indivior received a
$10.6 million grant for the development of C4X_3256 (INDV-2000)
from the National Institutes of Health (NIH) HEAL (Helping to End
Addiction Long-term) Initiative, which aims to improve prevention
and treatment strategies for opioid misuse and addiction.
Previously, C4X Discovery was eligible to receive potential
milestone payments from Indivior that in aggregate could have
reached a maximum of $284 million over time if all clinical
development, regulatory and commercial goals were achieved, as well
as royalties on net sales of C4X_3256 (INDV-2000). The Phase 1
multiple ascending dose (MAD) study is currently ongoing.
Christian Heidbreder, Ph.D., CSO of Indivior PLC, said: "The
acquisition of full rights to INDV-2000 is aligned with our goal to
build a strong and balanced pipeline focused on addiction
treatments. Importantly, we know the asset well, having worked
closely with C4X Discovery for more than five years. We recognie
its exciting potential and will continue to progress it as a novel
approach to the treatment of Opioid Use Disorder, as well as more
broadly in substance use disorders."
Bhavna Hunjan, CBO of C4X Discovery, added: "Indivior has made
excellent progress with our Orexin-1 candidate, and we are proud
that they now wish to take this programme fully in-house. Their
decision highlights the confidence they have in the programme and
further underlines the power of our drug discovery expertise to
produce valuable, commercially relevant, small-molecule drug
candidates. The agreement also provides an opportunity for us to
crystallise value for the programme early and underpins and
accelerates our new strategy. This non-dilutive funding, alongside
potential preclinical milestone payments from our licensing deals
for C4XD immuno-inflammatory assets with Sanofi and AstraZeneca,
will allow us to further advance our newly focused portfolio
towards and into the clinic. With our internal portfolio
progressing well and partnering on our MALT-1 programme initiated,
we look to a strong future as an immuno-inflammation therapeutics
Company."
1. C4XD will not receive any further milestone or royalty
payments from Indivior for the development or commercialisation of
C4X_3256 (INDV-2000)
- Ends -
Contacts
C4X Discovery Holdings
Mo Noonan, Communications +44 (0)787 6444977
Panmure Gordon (UK) Limited (NOMAD and
Broker)
Freddy Crossley, Emma Earl (Corporate
Finance) +44 (0)20 7886 2500
Rupert Dearden (Corporate Broking)
C4X Discovery Media - Consilium Strategic
Communications
Mary-Jane Elliott, Chris Gardner, Matthew
Neal +44 (0)203 709 5700
Notes to Editors:
About C4X Discovery
C4X Discovery ("C4XD") is a pioneering Drug Discovery company,
combining scientific expertise with cutting-edge Drug Discovery
technologies to efficiently deliver world--leading medicines. We
have a highly valuable and differentiated approach to Drug
Discovery through our enhanced candidate molecule design and
patient stratification capabilities, generating small molecule drug
candidates across multiple disease areas focused on
immuno-inflammation. Our commercially attractive portfolio ranges
from early-stage target opportunities to late-stage Drug Discovery
programmes and we have three commercially partnered programmes with
one candidate in clinical development.
For more information visit us at www.c4xdiscovery.com or follow
us on twitter @C4XDiscovery.
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