Nuformix narrows losses as it progresses clinical programmes

(Sharecast News) - Nuformix reported total revenue of £0.61m in its final results on Thursday, rising from £0.02m in the prior year, with the company swinging to a gross profit of £0.07m, from a loss of £0.19m.
The London-listed firm said its operating loss for the year ended 31 March was £1.81m, narrowing from £1.96m a year earlier, as its loss before tax shrunk to £1.84m from £1.97m.

Its total comprehensive loss for the year was £1.66m, compared to £1.84m in the 2018 financial year.

Basic and diluted losses per share totalled 0.36p, improving from 0.49p.

On the operational front, Nuformix said it saw validation of its application of cocrystal technology with the start of NXP001 studies in humans during the year, and noted the completion of its NXP002 preclinical proof-of-concept studies in innovative "close to patient" human IPF tissue models.

The group completed a number of deals during the year, generating revenues and hitting important milestones within its partnerships, with further payments expected to come in the first half of the 2020 financial year.

It added to its board too, with former Vectura Group CEO Chris Blackwell bringing what the directors called a "wealth of expertise" and corporate leadership.

Going forward, the firm said it expected another "exciting" year, with milestones for the new year already including the successful completion of its first clinical trial with NXP001, validating its platform and showing it could translate its applications of cocrystal technology into human use.

A second achievement of the new year involved the recently-closed deal with Ebers Tech to develop cannabinoid cocrystals, covering a wide range of cannabinoid molecules and potential indications.

The deal would bring in further revenue, driven by patent filings and pre-clinical outcomes.

With validation in clinic established for its underlying technology, the subsequent de-risking of Nuformix's wider pipeline and completion of the Ebers deal confirmed the business model was on track to deliver "significant" growth in shareholder value in the 2020 financial year, the board explained.

"We are very proud of our achievements in the past year, a landmark year for Nuformix," said chief executive officer Dr Dan Gooding.

"The group demonstrated an important cornerstone of its strategy - that the team can translate our technology successfully into human use without the need for additional safety data using a highly cost-effective model."

Dr Gooding said that de-risked the wider portfolio, which the company had been able to grow and further validate, most notably for its NXP002 programme in fibrosis.

"With significant income due from intellectual property licensing and collaborative development programmes in the first half of the 2020 financia year, and validation of its platform in clinic, we're very excited that Nuformix is positioned well to progress multiple programmes towards patients, delivering its promise of therapeutic innovation and growth in shareholder value."