Yesterday's press spells it out3 Dec 2018 07:16
NewsSun 19:02WATCH out this week for shares in Nuformix, the small drug developer listed on the main market.
The Cambridge-based company, which counts former Vectura chief executive Chris Blackwell as a director, is set to release the results of a pre-clinical trial for a drug it hopes will treat lung fibrosis, a debilitating condition for which there is currently no cure.
The company takes old drugs cast off by major pharmaceutical companies, works its magic (‘repurposes’ the drug to use the industry term) and then finds a new use for them. In this case, GlaxoSmithKline dumped the drug years ago after a trial flopped.
Nuformix is now developing the drug programme, called NXP002, to target lung fibrosis. In September, the company filed an extra patent for NXP002 so it can be used to treat other fibrotic conditions.
I understand the results of the trial, carried out with the help of Newcastle University using lung tissue from multiple patients, are set to be positive.
Stock watchers should keep an eye on the shares this week which could receive a nice booster from the news.