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LONDON (Alliance News) - Nuformix PLC on Friday said it has begun clinical studies for its anti-nausea drug NXP001 and dosed its first patient.
Shares in Nuformix were down 4.6% at 2.10 pence on Friday morning.
NXP001 is Nuformix's lead asset and is being developed as a treatment for chemotherapy-induced nausea and vomiting. Nuformix noted one third of global cancer patients suffer from CINV, making it "a large, under-exploited, and growing market".
A successful dosing of NXP001 took place on Wednesday as part of a cross-over study comparing it to Merck & Co Inc's Emend competitor in healthy subjects.
Data from the study will be used to confirm whether NXP001 is suitable for rapid development as a treatment for CINV.
Moreover, the data will also trigger a final GBP2 million milestone payment from Nuformix's Chinese licensing partner, Newsummit Biopharma, and allow the registering of NXP001 in China with Nuformix keeping its 10% royalty.
Nuformix Chief Executive Dan Gooding said: "From ongoing discussions with additional licensing partners, we believe that NXP001 can address key issues that currently restrict patient access to highly efficacious treatment for their CINV.
"Data confirming Nuformix's patented approach as a solution to CINV applications is the final piece in the validation of our technology, increasing Nuformix's ability to conclude further commercial partnerships globally."