C4X Discovery Holdings PLC (LON:C4XD) said it had made significant headway over the past year and it expects more progress on its key programmes in 2021.

The AIM-listed group has licensed anti-opioid addiction drug Orexin-1 to Indivior PLC and is looking for partners in programmes ongoing in bowel inflammation, psoriasis, MALT1 deficiency and COVID-19.

Clive Dix, chief executive, said: “2020 has also been a year of significant and focused progress for C4XD as we continue to advance our key Drug Discovery programmes within our portfolio.

“With robust finances now in place, we are strongly positioned to generate commercially attractive data packages for future partners.”

Losses for the year to end-July 2020 were £7.8mln (£10.9mln) with R&D expenses reduced by 35% to £6.9mln (2019: £10.6mln), reflecting focused investment on the key programmes said C4X.

The company has raised £24.2mln over past 15 months including £15mln in October and had net cash at 30 November 2020 of £17.3mln.

Shares rose 2.5% to 20.25p.

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