C4X Discovery Holdings PLC (LON:C4XD) has announced a new strategic collaboration with Evotec AG O.N. (DE:EVTG), which builds on a previous agreement (January 2015) to develop new small molecule drugs across a range of targets, therapeutic areas and stages of development.
The agreement is a risk-shared multi-target programme. This is a positive development and builds on the recent fund-raising (£5.0m before expenses via a placing of 4.9m new shares, at 102p) as it enables outputs from its drug discovery engine and its preclinical pipeline to progress.
The collaboration entered into with Evotec enables the two companies to work together to develop new small molecule drugs. The intention is to work across a range of targets, therapeutic areas and stages of development with the initial focus being cancer and autoimmune diseases. This alliance is a risk-shared multi-target programme with at least three projects actively being executed.
A programme will run until a potential development candidate is identified, at which point C4X, which retains the IP, can out-licence or continue development in-house. Evotec offers specialised expertise in areas such as assay development and medicinal chemistry alongside financial backing to share developmental risk, receiving potential milestones and future royalties depending on developmental success in return.
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