(Alliance News) - Nuformix PLC on Wednesday said it has raised GBP1.6 million before expenses for the development of its lead asset and to provide additional working capital.
The Cambridge, England-based pharmaceutical company said it has placed 78.3 million new shares at a price of 2 pence each.
The net proceeds of the placing are expected to be used by the company to perform further preclinical studies to determine the feasibility of NXP002 as an inhaled formulation and generate a more robust data package.
"Nuformix has an early-stage pipeline with potential for significant value creation through early licensing opportunities," said Chief Executive Anne Brindley.
"We are very pleased to have conditionally raised just over GBP1.5 million in an oversubscribed placing, which has strengthened our financial position and in particular means that we can drive forward the preclinical development plan for our lead asset (NXP002) to the next value inflection point," added Brindley.
The company also noted that several directors of the company have participated in the placing, raising a total of GBP25,000.
Nuformix shares were trading 14% lower in London on Wednesday at 1.99p each, giving it a market capitalisation of GBP10.2 million.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Nuformix (NFX)