Bibo, Dan or NfX have not moved to Milton Keynes. The rns says that their research partner Newcastle Fibrosis Research Group (NFRG) has had its staff and equipment comandeered and moved to MK as it’s the location of the UK national Covid testing centre.
In the truest sense NFX has no need for PR as they are not selling a product to the public, what people are frustrated by is the IR, investor relations. Personally, it’s about client relations, how they develop these, then news will follow. It’s almost pointless them having a great amount of public info as it doesn’t benefit the company through sales etc.
At the bottom of the Business Update RNS was this...
Enquiries: Nuformix plc Dr Dan Gooding, Chief Executive Officer Fleur Wood Email: firstname.lastname@example.org
A quick search reveals this from hVIVO Plc board. (hVIVO is part of Open Orphan ORPH)
Fleur Wood Executive Vice President, Investor Relations and Communications Fleur brings over 20 years’ experience in investor relations, communications and capital markets gained primarily within the UK investment banking industry and the pharmaceuticals sector. During her career, she has brought strategic IR skills to both M&A situations and to companies undergoing growth and change. Fleur’s previous role was at Vectura Group plc, a FTSE 250 company listed on the London Stock Exchange focussed on airways diseases, where she held positions as director of communications and director of investor relations. She played an integral role in the acquisition of Activaero GmbH in 2014 and the merger with Skyepharma plc in 2016.
Greggs, there is nothing stopping NFX licensing NXP001 with others anyway, this has always been the case. Yatai deal was China only and has a break clause that if they don’t pay then they don’t have licence to use the product.
All NFX are doing is trying to get the payment. But they can choose to walk away and go elsewhere, all they would be losing is income, not the product.
With reference to the Ebers number of milestones, I think the wording of some parts of the RNS don't help and are slightly contradictory. So I do think there has been one milestone payment, but not any others which I think should read as new milestones to be achieved.
We are pleased to confirm that as a result of on-going development activities under the previously announced strategic cannabinoid agreement with Ebers Tech, a further patent filing has been made in relation to novel cannabinoid cocrystals. This latest patent filing triggers an undisclosed development milestone payment. Further cannabinoids have been added to the agreement, triggering additional undisclosed milestones and remain under development, with the potential for further milestone payments to Nuformix in the near-term."
So, it says 'a further patent filing has been made' which is definitely written as singular, just one patent. Then is confirmed by "This latest patent filing triggers an undisclosed development milestone payment. " Which again is written as a single filing and single payment.
The confusion occurs with the word 'triggering' in the following
"Further cannabinoids have been added to the agreement, triggering additional undisclosed milestones and remain under development..."
I am reading the use of the word as they have created new milestones which have yet to be achieved, triggering isn't really the right word to use, although I can't think of an alternative.
The closing of that sentence reads "with the potential for further milestone payments to Nuformix in the near-term". Which confirms that milestones for these new items are in the future.
We know the original Ebers deal covered 9 co-crystals, this now has been expanded to further cannabinoid opportunities as NFX agreed to solely work for Ebers in this field.
A bit forensic I know, but not much else to do....
Sparkington, I posted the below on the other forum site explaining what revenues may be current. All guesstimates but trying to form some sort of logic.
We know from today’s ‘Business Update’ rns that the Vistagen collaboration included ‘immediate revenues’, so I was looking at how much cash Vistagen has to gauge what sort of payment might have been made.
From their filings, they had $4m after raising money at the end of January.
As the monies are a kick off to the collaboration they will be low to cover initial research. We know from both the Ebers and NSB work that NFX have been paid circa £500k for this type of work before.
Hence my thoughts, Vistagen would likely have paid a similar amount.
In terms of Ebers, the previous patent filing generated a milestone payment of £400k, and Dan has said that the big money will only come when testing occurs. So the news today about another patent application will likely have generated a similar income.
All my guesstimates but based on previous history of how the company operates, the positive is that these two payments combined, plus the money from the placing should cover this years costs to date.
Also worth noting that the company is still chasing the China money.