(Alliance News) - Nuformix PLC said Monday it has achieved "significant progress" in the first half of its financial year, reporting a narrowed pretax loss despite a decline in revenue.
Nuformix shares were up 0.8% In London at 7.36 pence each on Tuesday, having risen almost 10% at the open to 8.00p.
For the six months ended September 30, the pharmaceutical development company said its revenue was GBP535,000, down from GBP610,000 a year ago.
Nuformix said its pretax loss narrowed to GBP131,842 from the loss of GBP642,633 a year before. Exceptional charges related to the issue of share options and warrants to directors and professional service providers amounted to only GBP56,933 in the recent period, compared to GBP765,667 a year ago.
The company said it has completed during the half year its partnership with Ebers Tech Inc for cannabinoid therapeutics development, licensing and commercialisation, with Ebers to pay Nuformix up to GBP51.0 million in up-front, research & development and milestone, plus long-term royalties of 20% of net sales.
The company also has started development of NXP002 as a potential inhaled therapy for Idiopathic Pulmonary Fibrosis and IPF-induced cough.
Chief Executive Officer Dan Gooding said: "Our results strongly validate the group's strategy to retain low operational costs whilst generating revenues from both out-licensing and collaborative development."
"Commercially, we look forward to further progress in our cannabinoid development agreement with Ebers whilst progressing out-licensing discussions with multiple parties for NXP002 and our wider portfolio," Gooding said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Nuformix (NFX)