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Jay12 - Ob good news is what we need.Well the first seven months of 2020 were absolutely pants, but since then we have had the following good news:Excellent trial results. for NXP004 - potential really promising .Oxilio option deal - guaranteed option payment and hopefully deal to follow - new addition to portfolio.Nxp002 use for Covid-19 being accelerated - with negotiations almost certainly underway.What we actually want is continued good news flow and the hoped for deals to now come in to overcome the **** from the first half of the year and generate confidence in the management, future and sp of the company.It is looking promising.Here's hoping.

Exactly Soupdragon78
This last RNS is really fantastic, could only have been improved by not needing to have the placing , but then only 5% dilution.
But I feel the RNS could have been written slightly better.
For me, one of the unsaid but implicit aspects of the RNS is that for Nuformix to even consider undertaking additional pre-clinical work studying the benefit of NXP002 in combination with existing therapies , they must have already seen significant benefit just from using NXP002 on its own for such work to be worthwhile. Tells me they are confident of NXP002's efficacy. Hopefully they will put out further RNS's as they get more data or feel commercially able to.

From the RNS on 22 July:
‘NXP002 is our anti-fibrotic product and is one of those products that we have with the potential to help in the treatment of covid-19 although this still needs some clinical validation.’
From the Proactive video on 22 July Chris says:
‘There are advantages for companies that are hitting the sweet-spot at the moment, which of course is looking at covid-19, and as I think I have mentioned phenomenal opportunities which we want to investigate and potentially pursue for that.’

Seems that they have investigated this ‘phenomenal opportunity’ and it looks good and are now pursuing it.

This sentence in the RNS for the financial statement starting to feel more credible now.

'during this time, the interest in our assets and their potential in the treatment of COVID-19, as well as the resultant fibrosis, has increased. These business discussions are confidential and further announcements will be made as and when appropriate.'

Hopefully this old nag can be transformed into a thoroughbred – and the quicker the better.

IPF is particularly difficult to treat because there are a multiplicity of coactivated pathways that may be affected and more than one drug may be needed to effectively treat the patient, and those drugs need to be able to work well together (have synergy).
Combinations of drugs (pirfenidone, nintedanib and others) are often being used to tackle IPF as they treat different pathways.
NXP002 treats IPF through a different pathway to either pirfenidone or nintedanib.
So I assume what they are saying is that by showing that NXP002 can be used in combination with other existing IPF drugs (pirfenidone or nintedanib or other treatments) then it can be more effective, greater application, easier to use by doctors and therefore has greater commercial value.
So Nuformix state in RNS that they will be carrying out additional pre-clinical work to test NXP002 for use in combination.
Sounds good to me.

According to the various health bodies there could already be millions affected by IPF due to covid-19 to some extent. They also say that covid-19 is here to stay and we will have to development treatments for it and its after-effects.
You cannot put the genie back in the bottle!
BBC article on monday talks of NHS setting up 'long-covid' clinics in all major areas to deal with the long term effects of covid-19, one of which is IPF.
NXP002 should have a much shorter development timescale and lower risk than most other drugs being considered for covid-19 lung. For all the reasons we know and have talked about before - so commercially is much more attractive to develop than most drugs.
Clarification of my previous posting - I would only want Dan back as a helping pair of hands NOT in his previous role.

Jay
I agree with your comment that Japanese are very traditional and the face to face meeting was and still is important. Video conference calls are not anywhere near as good as a proper meeting.
'Maybe Blackwell /Joanne needs to get on a plane to Japan? That is what Dan would of done'
If you google japan travel you will see that the only business travellers allowed to travel to Japan are Singapore and South Korean nationals and they have only been allowed in for the last couple of weeks, everybody else is pretty much blocked.
So just jumping on a plane and going is not an option.
I was initially impressed by Dan but after the shenanigans at the start of the year I am less impressed. I much prefer Chris's approach, as I think he has the experience and savvy to move this company forward, as he seems to be doing. Although happy for Dan to come back in temporarily to support the covid-19 push.

From the RNS
'The Board has overhauled the financial management of the Group and scrutinised the cash flow and runway based on various scenarios. The Board has initiated numerous measures to ensure the Group's cost base is kept to a minimum. The Board is positive about the opportunities for the Group, in particular, for the development of certain assets for the treatment of Covid-19. Support for these efforts will require additional business development resource as highlighted above.'
• The statement above is very upbeat compared to the July 22nd RNS, which was all about being conservative about prospects.
• They emphasise the potential for NXP002 (and NXP004 ?) for treating Covid-19.
• Having said they had sufficient funds just 2 months ago, they are unlikely to be out of funds now. What they have is a requirement for additional funds to cover the additional workload of the covid-19 work and deals.
• It seems that having had a couple of months of increased interest in their assets and further investigation of NXP002 for the treatment of covid-19 they are much more upbeat and now see real potential in committing resources and funding to create the data and push for the deals. The placing is primarily for the development of the assets to treat covid-19 and the company needs a few more hands to do that, and especially to do that quickly.
o To strengthen the data packages to include, identify and protect the covid-19 aspects.
o Further evaluate the assets for treating covid-19.
o Increase the company headcount to provide additional business development resources to secure deals for nxp001 for IPF and covid-19.
• I believe they are already in discussions with potential partners for the covid-19 application and that those potential partners are now dictating the pace, thus the need to ramp up the effort at Nuformix.
• Hopefully we may see an RNS saying as much in the next few weeks.

The Board is positive about the opportunities for the Group, in particular, for the development of certain assets for the treatment of Covid-19.

It was a placing and existing and new investors have already committed to taking all the placing shares.

Having had a chance to consider the RNS this is just my take on things. I am as frustrated as the rest of the LTH on here, but think this may be the start of much better things. Here’s hoping.
GLA

This is a placing, not a rights issue, so the shares have already been allocated as they state to 'existing and new investors' .
So whoever these investors are they will be taking significant amounts and presumably have a bit more insight into the future
prospects than us lowly pi's . - well here's hoping.

A sea of red but nearly all buys - usual false sell/ buy data.
Just did a dummy buy on Barclays and was offered them at 3.027 when mid price was 3.10.
Nearly all buys this morning after the initial few panicked sellers

This is a very strong comment for Chris Blackwell compared to his cautious 22 July statement and podcasts.

'The Board is positive about the opportunities for the Group, in particular, for the development of certain assets for the treatment of Covid-19.'

Nuformix plc (LSE:NFX), a drug re-purposing specialist, is pleased to announce that it has conditionally placed 23,214,285 new Ordinary Shares (the "Placing Shares") at 2.8 pence per share (the "Placing Price") with certain existing and new investors (the "Placing") to raise approximately GBP0.65 million (before expenses) (the "Net Placing Proceeds").

In this case who are the 'certain existing and new investors'? Does this suggest they are all pre-sold and if so who to?

The cash injection will help strengthen data packages around drugs it has identified for treating the effects of coronavirus.
This suggests that they could be about to enter more advanced discussions with exchange of data.

The cash injection will help strengthen data packages around drugs it has identified for treating the effects of coronavirus.

Does that means tighten up patents to cover coronavirus?

*The cash injection will help strengthen data packages around drugs it has identified for treating the effects of coronavirus.
*It will also be used to “maximise opportunities” for development pipeline - especially its lead asset, NXP002. The drug is being developed to tackle idiopathic pulmonary fibrosis, but Nuformix believes there is the potential to use it treat the worst symptoms of COVID-19. It also thinks it could be used as combination therapy alongside other existing IPF treatments.
*In a statement, it added: “The board is positive about the opportunities for the group, in particular, for the development of certain assets for the treatment of Covid-19. Support for these efforts will require additional business development resource.”

Oh okay Soup I understand your comment now.
Thanks

Thanks for the reminder Soup.
That was my very point. Chris was CEO of Vectura when the Innovate UK project was started with Vectura, although he had left Vectura before it had completed in September 2015.
Bringing in Chris was a coup for Nuformix because of his vast experience in the inhaler business and because of his wealth of experience with most of the major UK pharma's as well as many Asian and other companies setting up partnerships and licenses, and of course with his contacts still in Vectura.
So I would hope that the inhaler aspect is reasonably advanced and well understood and provisonally selected.
Obviously the delivery system takes a fair amount of effort to even provisionally select so it would be proprietary knowledge and subject to confidentiality.

Chris Blackwell's knowledge and experience of nebulisers at Vectura surely relevant to his being brought into Nuformix and this being under control.

OR more likely they have picked one and its selection is confidential as an important aspect of the NXP002 data to be negotiated.

It yet again further confirms the ability of Tranilast (and NXP002 possibly more effectively and with less side effects) to damp down inflammation by its effect on the NLRP3 inflammasome. Atherosclerosis is the build up of plaque in the blood vessels which can in turn cause inflammation and blockage leading to restricted blood flow and heart attack. It is the leading cause of such problems needing daily drugs , then stents , then surgery for subsequent treatment. It is usually the inflammation which causes the major issue, rather than just the plaque build up.Ubiquitin is a small regulatory protein found throughout most human/ mammal tissues . Ubiquitination is a process through which ubiquitin molecules are attached to protein substrates for protein degradation.So Tranilast/ NXP002 damps down the trigger for the degradation process thereby either reducing the inflammation or preventing any inflammation at all.A potentially huge market .

Link to Novel Role for Tranilast in Regulating NLRP3 Ubiquitination, Vascular Inflammation, and Atherosclerosis.
Possible new application for NXP002 ?(or even NXP004?)
Again makes use of the anti-inflammatory properties of tranilast 's NLRP3 suppression.
Potentially huge market.
Apologies if already posted previously.
https://www.ahajournals.org/doi/10.1161/JAHA.119.015513