C4X Discovery Holdings PLC AstraZeneca $11m milestone payment to C4XD (4364Y)
January 03 2024 - 1:00AM
UK Regulatory
TIDMC4XD
RNS Number : 4364Y
C4X Discovery Holdings PLC
03 January 2024
C4X Discovery Holdings plc
("C4XD", "C4X Discovery" or the "Company")
AstraZeneca triggers $11 million preclinical milestone payment
to C4X Discovery
under its NRF2 exclusive worldwide licence agreement worth up to
$402 million
3 January 2024 - C4X Discovery Holdings plc (AIM: C4XD), a
pioneering Drug Discovery company, today announces that it has
received a milestone payment of $11 million from AstraZeneca
triggered by preclinical progress of C4XD's NRF2 Activator
programme.
Under the terms of the licensing agreement announced in November
2022, C4XD received an initial $2 million upfront payment and is
potentially entitled to receive up to $400 million in preclinical,
clinical development and commercial milestones, and to tiered
mid-single digit royalties on future sales.
AstraZeneca is developing C4XD's former NRF2 Activator programme
to deliver an oral therapy for the treatment of inflammatory and
respiratory diseases, with a lead focus on chronic respiratory
disease.
Clive Dix, CEO of C4X Discovery, said : "This significant
preclinical milestone payment marks the progress AstraZeneca has
made in driving the NRF2 Activator programme forward. NRF2 is a
challenging target and this achievement provides further validation
of our ability to generate differentiated, quality molecules in
immuno-inflammation. We believe that our unique approach can
deliver transformative oral therapies for patients suffering from
immuno-inflammatory diseases. This is a great start to our year and
we are confident of seeing further progress across our entire
portfolio in 2024."
This announcement contains inside information for the purpose of
the UK Market Abuse Regulations.
- 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 - ICR Consilium
Mary-Jane Elliott, Chris Gardner, Matthew
Neal +44 (0)203 709 5700
C4X Discovery Holdings
Notes to Editors:
About C4X Discovery
C4X Discovery (C4XD) is a pioneering Drug Discovery company,
combining scientific expertise with cutting-edge technologies to
efficiently deliver world--leading medicines. We have a highly
valuable and differentiated approach to Drug Discovery through our
enhanced molecular design and patient stratification capabilities,
generating small molecule drug candidates across multiple disease
indications focused on immuno-inflammation. We are advancing our
internal portfolio which ranges from early-stage target
opportunities to late-stage Drug Discovery programmes and we have
two commercially partnered programmes with Sanofi and AstraZeneca,
and one clinical stage candidate which has been acquired by
Indivior.
For more information visit us at www.c4xdiscovery.com or follow
us on twitter @C4XDiscovery.
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