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A Manchester-based drug discovery company has said it will continue to focus on future growth after revealing its latest financial results.

C4X Discovery Holdings, which is listed on AIM, has published its interim results for the six months to January 31, 2021.

The company completed a successful fundraise of £15m before expenses with a total of 107,142,858 shares issued to both new and existing shareholders while it made a £3.3m investment in research and development in period, down £300,000.

Its pre-tax losses were also cut from £4.8m to £4.5m while the business does not yet generate revenue.

The business recently signed an exclusive worldwide licensing agreement with a French pharmaceutical giant worth up to €414m (£360m).

C4X Discovery was spun out of the University of Manchester and is based in Manchester One in Portland Street.

Chief executive Dr Clive Dix said: "C4X Discovery has continued to advance its high value portfolio of commercially attractive drug candidates for future partners and, post-period end, a €414m agreement was signed with Sanofi for our IL-17A oral inhibitor programme, demonstrating the value of C4XD's drug discovery expertise and our business model.

"C4XD's focus will now be to further augment the portfolio, continue to build its network of partnerships and advance the pipeline of proprietary and partnered projects.

"With two programmes now successfully partnered and a roadmap of potential cash milestones over the next 12-24 months, the board is confident that, through the delivery of next generation, high quality out-licensing opportunities, C4XD can deliver significant value for shareholders."