(Alliance News) - Nuformix PLC on Tuesday reported a negligibly smaller half-year loss as it continued to work on treatments for cancer and fibrosis, a disease which scars tissues in the lungs.
Nuformix is a London-based pharmaceutical firm targeting fibrosis and oncology. The company is working on developing drugs, such as NXP002, a potential treatment for idiopathic pulmonary, and has a cancer programme named NXP004, focused on the treatment for advanced ovarian cancer.
In the six months to September 30, pretax loss narrowed slightly to GBP423,677 from GBP449,022 a year prior. Revenue fell to nothing from an insignificant GBP50,000, as its products remain in development.
Executive Director Dan Gooding said: "Our pre-clinical efforts to date demonstrate that inhaled treatment of idiopathic pulmonary fibrosis and related fibrotic lung diseases via NXP002 is a viable concept, a concept that it is becoming increasingly validated by clinical data emerging from the public domain."
Looking ahead, Nuformix said: "The company to continues to advance and exploit the current assets within the portfolio through the research & development and business development activities."
It added: "The strategy of the group is to continue to increase the value of its existing assets while maintaining tight control of costs, including conducting business development/licensing activities using a structured and data-driven approach, with the goal of seeking global licensing deals."
Nuformix shares were 12% lower at 0.32 pence each on Tuesday afternoon in London. The stock i s down 77% over the past 12 months.
By Tom Budszus, Alliance News reporter
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Nuformix (NFX)