(Alliance News) - Nuformix PLC on Wednesday said said it is considering next steps regarding the settlement of a GBP2.5 million bill due to be paid by Newsummit Biopharma, as it announced the resignation of Non-Executive Chair Dave Tapolczay.
The pharmaceutical development company said that on October 30, it received written confirmation that its Newsummit - its Chinese licensing partner for nausea treatment NXP001 - would pay the outstanding GBP2.5 million due to Nuformix. Between, November 4 to Novermber 8, Nuformix said that senior management of Newsummit gave verbal assurances of payment to Tapolczay.
Nuformix was later informed that payment was delayed due to an on-going audit of Newsummitt and its parent company, Zheiiang Yatai Pharmaceutical, but was assured that payment would be made once the audit completed by the end of November. On January 23, Nuformix was made aware that their primary contact at Newsummit Biopharma had been dismissed.
"The directors are considering their next steps. In the meantime, the group is in the process of making contact with the new management team at Newsummit Biopharma to secure a date for settlement," Nuformix said.
In a separate statement, Cambridge-based Nuformix said that Tapolczay has stepped down from the role of non-executive chair effective immediately. The reason for his resignation was not disclosed.
Non-Executive Director Christopher Blackwell will assume the role of interim chair.
"Dave's departure creates an opportunity to bring new specialist life sciences experience to the board, at a time when Nuformix faces exciting opportunities to continue its trajectory of progress," said Nuformix Chief Executive Dan Gooding.
The stock closed 1.3% lower at 7.40 pence each on Wednesday.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Nuformix (NFX)