Member Info for ForFXSake

Who knows Soup, the terms might have changed. After all, it was only last week when we found out that CINV was actually included as part of the deal.

I wonder if that qualifies as a milestone?

Just some more interesting facts about the TRx/Oxilio collaboration while we wait for news on NXP002/ NXP004:

We found out from a press article in October that they had signed up to a partnership with Oxilio and our own DG was a co-founder and executive director (CBO)

https://www.google.co.uk/amp/s/www.cambridgeindependent.co.uk/business/amp/trx-biosciences-presents-classic-cambridge-healthcare-breakt-9220933/?espv=1

When I first read it, it gave me the impression that they'd been setup in their new HQ for the past 6 months before the article was published, so I initially assumed they'd got together in about March 2021 to found the company.

Looking at the news section on their website though, it seems they've been together a bit longer. The first article states that they got together at the Babraham Research Centre to start development on 18th November 2020:

https://trxbiosciences.com/dev/news/trx-signs-collaboration-agreement-with-monument-therapeutics-2-2-2-2-2-3/

This was about the same time (a week before) Julian Gilbert joined Nuformix and about 4 months after DG left Nuformix. JG had previously worked with TRx founder Robin Bannister. They were both co-founders at Arakis, which was sold to Sosei pharmaceuticals in a deal which also involved Chris Blackwell's Vectura plc:

https://soseiheptares.com/news/126/129/Sosei-to-Acquire-Arakis-for-106.5-million.html

The TRx news website also says they signed their partnership with Oxilio in January 2021. In the press article above John Brew says of the Oxilio partnership:

“Oxilio is due to start a human clinical study in the first quarter of 2022 exploring an existing drug as a potential pan-cancer cure,” says John, “for people with untreatable cancers. But there are currently a series of issues to resolve, which we believe we can address with our technology.”

The article goes on to ask:

So this is a co-development? “It mirrors a co-development,” replies John. “It’s a long-lasting collaboration which will continue deep into clinical development.”

The article talks about TRx business model:

"The business model for TRx partnerships involves both milestones and a profit-sharing mechanism. “We’ve already received multiple milestone payments from partners,” Dan says, “with more to come."

The article goes on to say:

"Ultimately, of course, TRx Biosciences wants to initiate its own small molecule drug development programme, which it will do."

Currently, the TRx pipeline page highlights 4 products:

TRX 611 IBD - a novel anti inflammatory response.
TRX 813 Cancer
TRX 712 COPD - anti inflammation lung drug
TRX 914 Depression

https://trxbiosciences.com/pipeline/

Looks like they've been very busy.

Dissolved on 8th Feb. Same day as Oxilio announce the CINV contract with Quotient.

I wonder if he's retiring now.

Apologies, just seen the dissolved status on the overview page

Where does it say that Soup?

There doesn't seem to be any change of status on gov.uk

https://find-and-update.company-information.service.gov.uk/company/09867610/officers

I'll wait for the TR1 then

Wow! DG?

Wonder if he's upset that CINV was included in the 'oncology' deal too?

"50% increase in sp "

Yep. I suppose it helps take our minds off the realisation that CINV was parcelled into the Oxilio deal.

I hope it lasts.

No TR1's though

That could well be true Kane.

The closing statement did say that things were progressing well with both NXP002 & NXP004, which sounds promising.

Couldn't care less what Share Prophets says, nor any other Twitterati type guru for that matter.

When I first read the RNS this morning I thought it was simply notice that Oxilio were moving forward with development of OXL001/OXL002 and that in itself was a welcome sign of progress and perhaps advancement towards milestones etc.. However, it then sank in that it was in actually talking about CINV and NXP001 rather than OXL001/OXL002 and oncology which caused some confusion and possible concern over what is actually happening here.

As far as I understand, the agreement we have with Oxilio is for an exclusive, global license to repurpose NXP001 only as a cancer treatment. It was supposed to be a side-agreement which did not affect our rights to license NXP001 for CINV (or any other indication) to other parties.

This RNS now casts doubt on whether or not we still have that right as it is unclear exactly what has been agreed. Do Oxilio already have exclusive rights to NXP001 for both CINV and oncology? Can they create as many oncology indications as they like in addition to CINV while only ever having to pay a total of £2m per annum in royalties to us? Or , is this something else? Has Oxilio, as part of the terms of the deal (and perhaps a reduced upfront payment), agreed to pay for further research/development of NXP001 CINV at their own expense with the the caveat that, if they like it, they get first refusal on a separate deal which is yet to be negotiated?

If it is the first scenario then I fail to see how this deal has been good for Nuformix shareholders. Blackwell himself said oncology alone was a market of $130bn. If Oxilio create something that corners just 1% of that then they have a £1bn blockbuster on their hands. Just 1% royalties on that would have been worth £10m per annum to us, why did we agree to cap it at £2m? If you add CINV to the equation then it just rubs salt in the wound.

That said , if it turns out to be the second scenario then I can understand the excitement of today although I don't understand why the board didn't make this clear from the outset.

As OBW said earlier, clarification is required.

Dunno Filter. I suppose emailing Walbrook would have been the first stop but I presume they have been replaced now.

This is an excerpt from the placing RNS in October 2020.

"Exploiting the value of Nuformix intellectual property for activities and indications that are not within the strategic scope of the Group, and where costs to Nuformix are minimal, is believed to be another important target for deriving shareholder value. An example of this was the subject of an announcement released on 24 September 2020, where access to Nuformix patents to NXP001 without the need for development commitment was granted to Oxilio Ltd. Value to Nuformix will be gained with little financial risk and no development effort.......The Group will continue to seek similar opportunities for NXP001 outside the field of oncology for local and/or global markets."

The last statement is the one that led me to assume that CINV (or anything else, for that matter) was not part of the Oxilio license. I assumed license was for oncology indications only.

They may have struck a separate deal but I cannot remember seeing that specified anywhere.

So, to any fellow investors, bedwetters & traders (the gullible/stupid don't really need to concern themselves with this) unless there is a typo somewhere in that RNS, is it correct for us to assume that Brindley's deal with Oxilio covers ALL indications of NXP001 (as opposed to just a spin-off for oncology)? Does that mean we can look forward to a generous £2m cap on royalties for all things NXP001 in the future?

If not then where is the separate agreement between Nuformix & Oxilio that states the terms under which they can progress CINV indications?

I hope you are wrong Filter.

If Oxilio have managed to snatch full rights on NXP001 for both CINV and oncology for a £50k upfront when NSB still owe us £2m then that is a gift!

I'm surprised that NXP001 is being farmed off so cheaply before we have any kind of indication of true worth for the other two products. Are we so sure that this is not the only thing of value that we actually have at this point?

For further avoidance of doubt, from the original RNS:

"Oxilio will develop and seek to exploit NXP001 globally for the treatment of cancer. It is focused on alleviating the current dilemma of a shortage of effective drug candidates that have potential as new cancer therapies, by adopting a drug repurposing strategy"

Does that say treatment of cancer or treatment of CINV?

No it hasn't. That is not what it was licensed to Oxilio for.

They have an exclusive license for developing a cancer treatment. Nuformix are supposed to have retained full rights foe CINV

Have I misunderstood something? Has anyone actually read the RNS?

Before the cheerleaders start cancelling everyone who asks a question, didn't Oxilio pay us for an exclusive licence to use NXP001 to treat cancer...not CINV! Why are they developing it for CINV? They haven't paid for that.

"Under the contract Oxilio will work with Quotient Sciences, a drug development and manufacturing accelerator, to identify and evaluate the cocrystal formulation of aprepitant to deliver optimal bioavailability for the treatment of CINV"

Where is the value for NFX in this deal?

That's fair enough. It's your opinion and I respect it. It may even be true.

I personally feel that alot has happened which is odd and is as yet unexplained. There may good or bad reasons for that but it does seem to be the that the company has been badly impacted for the last 2 years.

If Oxilio can announce a valuation of £51m on their website then they must be able to back that up. All I want to know is why are we worth so little.

What speculation? These are just questions based on events that have unfolded.

I don't know why things have panned out as they have. I do know that as a genuine shareholder I find it troubling that we are only valued at £6.46m, despite having a licensed oncology product and two potential blockbusters.

Aren't you?