C4X Discovery Holdings plc advised on £15m fundraise

11th November 2020

Schofield Sweeney’s corporate team has recently advised AIM-listed company C4X Discovery Holdings plc on a fundraise of approximately £15 million before expenses.

The fundraise was undertaken by way of a placing at an issue price of 14 pence per share. In addition to the placing, the company issued warrants to certain investors to subscribe for up to an additional 99,169,286 shares at an exercise price of 28 pence per share.

The net proceeds of the lacing (excluding any proceeds arising from exercise of the Warrants) will be used to strengthen the company’s balance sheet as partnering discussions and strategic collaborations progress, to advance the core investment portfolio to near-term inflexion points and to continue to apply C4XD’s technologies to validate the next generation of commercially-attractive targets and programmes.

Brad Hoy, CFO, C4X Discovery Holdings plc said: “We were pleased to work with Schofield Sweeney again on yet another transaction. Their pragmatism, attention to detail and cordial, value-for-money approach made for another seamless transaction.”

Jessica Fielden and Alexander Aitken, solicitors in our corporate team, advised C4XD in respect of all aspects the fundraise.

Jessica Fielden said: “We are delighted to have advised C4XD on another successful fundraise. The company has continued to go from strength to strength, in this year alone C4XD has carried out two successful placings raising approximately £16.5 million before expenses. As a valued client, it is positive to see such a pro-active response to drug discovery particularly, in the current climate. Congratulations to the C4XD team, we look forward to continuing to work with you as you continue to think ahead and make headway across your portfolio.”

The company now aims to build on its existing licence with Indivior to generate a stream of other potentially high-value partnering opportunities and revenue-generating R&D partnerships.

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