potential20 Oct 2020 09:59
The Net Placing Proceeds will be used to accelerate business development with focus on the following key areas:
o Strengthen Group data packages for treating the effects of Covid-19
o Maximise opportunities for development pipeline especially lead asset, NXP002
o Recruit a CEO with responsibility for delivering the Group's strategy
o Augment and strengthen the Board with additional Non-Executive expertise
Strategic Update Highlights:
o Certain Group assets to be evaluated for treating the effects of Covid-19
o Expansion of the Group's business development strategy to optimise chances of securing additional deals and drive maximum value for shareholders
o Expanded licensing activities for the lead asset, NXP002, to seek global licensing partners in addition to continued negotiations on licensing for the Asian market
o Additional pre-clinical work for evaluation of the benefits of NXP002 in combination with existing marketed products in the treatment of IPF (Idiopathic Pulmonary Fibrosis, a serious lung disease), targeting the existing global IPF market valued at approximately US$2 billion per annum
o Expanded business development effort seeking to exploit value from NXP001 in indications outside the field of oncology