Calculus invests £3m in AIM-listed C4X Discovery

The fresh capital will enable AIM-listed C4X to invest in research and drug development.

The fundraising comes two months after the business acquired a portfolio of drug discovery patents from MolPlex, which is currently in administration, for a “non-material amount”.

Earlier this month EIS and VCT investor Calculus fully exited biotech business Horizon Discovery. The overall investment generated a 160% return over three years and three months – equivalent to an IRR of 34.3%.

Previous funding
Aquarius Equity Partners acquired a minority stake in C4X (at the time known as Conformetrix) in November 2009 with capital drawn from Aquarius Origin Fund. The deal value was undisclosed, though at the time Aquarius typically made investments of up to £750,000.

C4X subsequently listed on the AIM segment of the London Stock Exchange in October 2014, raising £11m from the placement of new shares. The listing gave the business a market cap of £31m.

Company
Founded as a spinout from Manchester University in 2008, C4X is a drug discovery and genetic technology company. Its products are designed to treat a variety of diseases including addiction, chronic obstructive pulmonary disease, diabetes, inflammation and autoimmune diseases, among others.

In the financial year to July 2015, the company generated a turnover of £312,000 and a post-tax loss of £3m.

People
Calculus Capital – John Glencross (CEO).
C4X Discovery – Clive Dix (CEO); Sam Williams (interim chairperson).

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