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Effectively it was granted on 2nd Feb so I hope they haven’t been waiting.
Me too FX, I'm hoping its not long in coming, given that they've paid the fee and submitted the patent translated into the two other official languages required.
https://patentscope.wipo.int/search/en/detail.jsf?docId=EP328059213&_fid=WO2020035546
Dan’s got his wallet out and paid for the EU nxp002 patent now so that’s something
Good morning Peeps, I'm all good just taking a back seat as there isn't much to say at the moment really.
That said, a few things to add following FX post on a few items, which is always worth questioning.
NXP002 EU patent - From what I can tell, the have issued the 'Intention to Grant', this then starts a 4 month period for paying fees, submitting translations, submitting any requested modifications etc.
Since the Intention to Grant was dated 2 Feb, that would place a Grant date at the beginning of June.
I think some of the £160k placing monies will be needed to pay for some of the above.
Orphan Drug Designation submission.
Again I think some of the placing monies will go to this as they will probably have needed a specific report(s) writing to bring together all of their data etc. Whilst the application is free, it is the work required to get your submission spot on that costs the money.
The EU review process is set out on their website, so yes you can submit at any time, it won't be reviewed until its appropriate slot. So, those submitted up to I think 27 March don't start the review process till 22 April, with results in July.
Just to pick up on Jivings point about the company RNS'ing the submission, I would expect to see that, as yes they previously have notified when they submitted patent filings. See NXP004 patent filing RNS.
Reading the EU orphan designation website, they recommend a pre-app meeting at least 2 months prior to submitting. So when they say they want to start immediately, that doesn't necessarily mean submitting immediately.
NXP004 patents
Like FX I don't know why they haven't RNS'd the Japanese patent approval, since they did so with NXP002.
Ongoing process, I personally think its tied in to a sale of the company as a whole, so they are on hold at the moment on that.
New plan and company presentation.
I think they should issue a 'Business Update' rns to outline the above changes, and possibly a new presentation.
But I think they are looking to sell the company as a whole so aren't bothered about drumming up new investor interest. Its binary, a sale will be at a certain price regardless.
Not likely to be. As I’ve said before MM’s don’t declare below 10%
Get your point Jiving.
Overall its a benefit to achieve orphan designation (fingers crossed they do so) as it definitely adds value of ten years market protection.
Hopefully we get confirmation that they have submitted the application.
That said I would disagree with Jiving's generic comment 'It seems that Pharma's essentially require this as a necessary condition before examining whether to invest in a new drug.'
Given that orphan drugs are for rare disease only, by nature pharma's can't require orphan designation across the board otherwise all drugs would be orphan and no disease would be rare.
Personally I think it relates to the caution around repurposed drugs and wanting as much certainty around product protection as possible.
From the Allenby note 2 years ago.
'Note that many have Fast Track Designation and/or Orphan Drug Designation factors that can accelerate the review process and extend the period of market/data exclusivity and so this is also an option for NXP002. '
Since then the company has consistently said that they consider it an option.
I doubt you would seek orphan designation before patents are granted, as it would be strange to have the product protected as an orphan drug, but not patent protected.
Furthermore, with orphan designation you need to back up your claims with evidence so its seen as a validation of a drug rather than just patenting a method.
Christ on a bike…. Even Sisyphus didn’t have to suffer this fate.
‘If those words were written in December’
Well since the finals were issued at 7am on 3 January, I’m wondering what basis you have of saying ‘if’ they were written in December. Or perhaps you think they were written on New Year’s Day?
The point about the agm is, if you really cared you’d find the time. Nobody here can answer all your questions, and yet when you have the opportunity to ask them yourself to management you turn it down.
Your posting history shows you’re not that busy.
One of the big positives FX, is that the agm is just over two weeks away so you can ask Dan in person then.
Or maybe, as those words were written in December, the original plan was for outlicensing, but discussions over the past two months have led to fund raising happening first whilst orphan designation and nxp002 is progressed.
"...the Directors have prepared cash fow forecasts covering the period ending 31 December 2024 that take into account the likely run rate on overheads and research and development expenditure and the prudent expectations of income from out-licensing rights to its programmes or a fundraising."
Chab, not sure where anyone was saying funded through 2024.
My commentary was from the 30m odd sales a few weeks ago, my assumption being the conversion of the warrants which would net 85k to the company.
Agreed jiving, under the resolutions NFX could have issued up to 20% of shares in issue, so to only issue 10% shows they only need a specific amount and are confident they don’t need more.
Certain is a queer sort.
Far from bitter I’m actually quite happy funding has been done. Plus they didn’t feel the need to use the full allowance that they could have done.
Lucky you have no interest here then.
The point is you spent an inordinate amount of time here talking about a placing coming up, yet neglected to see on happening in a company you are invested in which saw a 60% drop in the sp!
I think you need to focus on the shares your invested in rather than the ones your not.
They'll close out the placing with shares being admitted next Wednesday, at least its all sorted now.
Good to see that this is all in support of the current discussions with potential partners.
NXP002 European patent is all but confirmed, this will then feed into the Orphan Designation submission.
NXP004 Japanese patent is granted, pending formal confirmation.
Discussions with partners continues alongside these.
Nearly as corrupt as AVCT i guess.