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Nuformix PLC - London-based pharmaceutical development company targeting unmet medical needs in fibrosis and oncology - Says it will receive immediate and near-term milestone payments as part of an update to its NXP001 exclusive licensing agreement with Oxilio Ltd. Nuformix does not disclose any financial details on this. Under the revised agreement, says Oxilio will acquire ownership of Nuformix's NXP001 patent estate. Says it will receive the additional milestone payments while retaining further development milestones and royalties capped at GBP2 million per year.
Co-founder & Executive Director Dan Gooding, who was formerly chief executive officer, says: "Oxilio has a clear plan as to how NXP001 fits into their overall product development plan and we continue to fully support Oxilio in that process...The net positive impact on our cash position will better enable the company to progress our core NXP002 and NXP004 programmes and respond to requests for additional data as we continue partnering interactions for these programmes."
Current stock price: 0.30 pence, up 9.1% on Monday
12-month change: down 34%
By Greg Rosenvinge, Alliance News reporter
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