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C4X Discovery Holdings (AIM: C4XD) aims to become the world’s most productive drug discovery engine by exploiting cutting edge technologies to design and create best-in-class small-molecule candidates targeting a range of high value therapeutic areas. The company’s goal is to drive returns through early-stage revenue-generating deals with the pharmaceutical industry, such as the licensing agreement with Indivior UK Limited to further develop and commercialise C4XD’s oral Orexin-1 receptor antagonist for the treatment of addiction, under which C4XD will receive an upfront payment of $10m and could receive up to $284m of potential development, regulatory and commercialization milestones in addition to royalties.

In September 2018, C4X raised £10.1m to support the execution of its strategy of becoming the world’s most productive, self-sustaining drug discovery engine by strengthening its balance sheet as partnering discussions and strategic collaborations progress, expanding its commercial capability and supporting working capital during the expansion of its pipeline portfolio.


Clive Dix (CEO)
30yrs+ experience in life science research. Co-founder of Convergence Pharmaceuticals Ltd, which was acquired by Biogen in 2015.

Eva-Lotta Allan (NE Chair)
30yrs healthcare experience. Previously Chief Business Offices at Immunocore.

Craig Fox (Chief Scientific Officer)
Worked on and managed many drug discovery and development projects during the last 18yrs.

Brad Hoy (CFO)
20yrs experience in pharmaceutical and biotech industries.

NED’s: Harry Finch, Alex Stevenson, Natalie Walter


P&L31 July 2018
31 July 2017
Gross profit7,064140
Operating Loss(2,533)(8,493)
Loss for the year(1,135)(6,782)
31 July 2017
Cash & cash equivalents5,5786,031
Total assets9,04010,131
(Total liabilities)(866)(1,071)
Net assets8,1749,060

Peer Group

  • 4D Pharma (AIM: DDDD): R & D of pharma products in new live biotherapeutic areas
  • Mainstay Medical Int’l (ISE: MSTY): Operates through Active Implantable Medical Devices.
  • Oxford Biodynamics (AIM: OBD): engaged in biomarker research and development.

Major Shareholders


  • Clive Dix – 2.45%
  • Harry Finch – 0.56%
  • Craig Fox – 0.01%


  • Aquarius Equity Partners – 12.91%
  • Polar Capital Partners – 9.61%
  • Hargreave Hale – 9.03%
  • Calculus Capital – 7.97%
  • Legal & General – 6.15%
  • Baillie Gifford – 5.08%
  • Herald IM – 2.60%

Macro Indicators

The Times (June 2018)

“…In America, there are more than 20 million people with an addiction, according to the US Department of Health and Human Services.”

Media coverage

The Times (June 2018) “The magic pill that could end all addiction.”
“…scientists in Manchester now claim to have found a cure for addiction itself. Their company, C4X Discovery, says the drug curbs the craving that addicts experience — stopping them from reaching for a cigarette, drink or heroin hit. In a phrase that could have been culled from a sci-fi novel, the scientists claim to have created a “universal addiction treatment”.

Daily Telegraph (Oct 2018) “How AI is fundamentally changing the way Big Pharma discovers drugs”
“Pop into the labs of Manchester biotech C4X Discovery and you could be in for a surprise. Instead of scientists perched at their work stations peering down microscopes or poring over data, you might find them walking around, arms outstretched, holding what would appear to be imaginary objects..”

Broker Coverage

Panmure Gordon (Sep 2018)
“C4X has made a lot of progress this year. It has out-licensed its addiction program to Indivior for $294m ($10m upfront) and now has two further programs on the edge of partnering discussions (molecules targeting both NRF-2 and IL-17 – both validated targets with huge market potential for an oral drug). Behind this are earlier assets that will be pushed to partner ready status in the short-medium term. The lean model that C4X has employs just 43 people – this coupled with its very high quality board and deal making ability from its proprietary platforms make it a highly attractive investment opportunity. This placing crystallised this by bringing on a number of new investors including sector specialists.”

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