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LONDON (Alliance News) - Shares in pharmaceutical firm Nuformix PLC rose Friday it has received a GBP500,000 payment after its NXP001 product reached a pre-clinical milestone.
Nuformix was trading at 2.70 pence a share on Friday morning, up 10%.
The company said, as part of its agreement with Newsummit Biopharma, it will get a further GBP2 million from Newsummit when NXP001 shows human bioequivalence.
Newsummit has exclusive rights to market and distribute NXP001 in China, and Nuformix said it is in talks with other parties over marketing for the product in other regions.
Nuformix uses co-crystal technology to unlock the therapeutic potential of approved drugs, and it has programmes in both oncology supportive care and fibrosis.
Chief Executive Dan Gooding said: "We are delighted to reach this first major milestone for NXP001 and Nuformix. The results from studies conducted by NSB have triggered the first payment, which we will receive shortly.
"NSB remain committed to securing market approval for NXP001 in China and we continue to provide support to that process. Our human pharmacokinetic study remains on track at UK-based CRO, Quotient Sciences and success within that study will trigger the second GBP2 million payment and allow us to conclude further licensing agreements for Rest of World marketing rights."