C4X shares closed at 15.25p yesterday and the placing was the equivalent of 10% of its share in issue.
The net proceeds will be used to further strengthen the company’s balance sheet as its partnering and strategic collaborations progress and will boost working capital during the progression of its pipeline portfolio.
C4X said the new funds should provide it with at least twelve months working capital, assuming that a material tax credit will be received both this year and in the first half of next year, as has been the case in previous years.
Clive Dix, chief executive, added: " We would like to thank Polar Capital and our other new and existing investors for their active support of C4XD and continued belief in our vision.
It is encouraging to see investor understanding of the ongoing long-term contribution of the life sciences industry and the value of innovative, early-stage drug discovery amidst the uncertainties generated by the COVID-19 pandemic.
"These additional resources will support our continuing scientific progress and commercial discussions across our portfolio."