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LONDON (Alliance News) - Shares in Nuformix PLC surged on Thursday as the company reported positive results in its clinical study of NXP001.
Nuformix shares were trading 30% higher at 13.50 pence each following the news.
The pharmaceutical development company explained that NXP001 is being developed as a treatment for chemotherapy-induced nausea and vomiting, occurring in a third of cancer patients worldwide.
In a pilot study conducted among healthy subjects, Nuformix's cocrystal-based formulation demonstrated bioequivalence to Merck's EMEND, the currently used treatment for nausea and vomiting in chemotherapy, both in terms of peak and overall exposure.
The positive results allow Nuformix to receive a final GBP2 million milestone payment form its Chinese licensing partner, Newsummit Biopharma, which has started product registration in China.
Chief Executive Officer Dan Gooding said: "We have now delivered a successful outcome in Nuformix's first clinical study. The results have positive implications for our NXP001 programme and provide further validation for Nuformix's overall business model."
"Clinical success with NXP001 demonstrates the potential for our wider pipeline. We now seek to replicate our approach of using known drugs to create value with reduced risk and costs of development to build a wider pipeline of innovative therapies," he added.