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Reiteration that combination therapies are the way forward.

"Whoever is able to bring forward the first therapy that will be able to stop fibrosis and have a tolerable profile will be a huge winner for patients,” Beiske said. Ultimately, Hallén and Beiske agreed targeted combination therapies with better efficacy and minimal side effects is the path forward for improved IPF treatment."

https://www.biospace.com/drug-development/ipf-draws-investor-heat-as-biotechs-target-fibrosis-halt-better-tolerability

You never know he could be there for Ringlet.

Why is it volume dries up whenever you come and post?

Deals at pre-clinical stage are quite rare, especially in the IPF world given there has only ever been 2 therapies that have made it to market, so its no surprise that no deal has been done yet.

Thats why I see it as not likely till at least non-GLP toxicology work has been done. Also the further along the programme, the higher the value as it gets proven up.

Correct LT.

FX, I guess it comes down to what is a 'similar alternative' or not etc. The grey area will be whether someone elses development steps on your toes or not.

Thats where lawyers make their money.

LT, Oxilio's drug OXL001 is not NXP001.

Look for OXL002 or CrystaPrep. They haven't done anything with it for a long time as they are focussed on OXL001

The don't start until the drug has marketing approval, so not until its available for sale.

From my experience it takes a number of weeks to align investors for a placing before it can complete, you need to scope people’s interest, how much they are willing to put forward, ensure that all of the money is in place etc etc.

going solely with CMC strips out all of that.

More than likely that the placing was solely taken up by CMC, there’s no way they could get investors aligned in such a short space of time.

LT, the studies are relevant to all parties in that they have to be done to get to Phase 1. They will undertake them once (assuming they are successful).

The company has no choice, it has to do these studies otherwise the programme will not move forward.

With each study, preclincal or clinical, a therapy becomes more valuable and attractive to other companies. Out-licensing at pre-clinical is rare, it does happen (as in the case of AZ and RedX) but not often as the risk to the outlicensee is high. So they want to see data.

This is why they are talking about development partners as well as potential outlicensing, to try and get some funding to move to phase 1.

Thats the beauty of the market PS, it sometimes does not prices stock rationally.

If the market was perfectly rational there would be no opportunity.

As you yourself said, the company is in talks with multiple companies.

Its possible they sign up with a development partner instead of fully outlicensing. This would likely be a specialist pharma company who helps take the product through clinical in return for a percentage of any future outlicensing deal. This is beneficial as they bring expertise and an element of funding.

Whilst it would mean the company sharing the wider outlicensing deal in the future, this would in theory be a bigger outlicense if the therapy was further developed.

Remember, an outlicense deal done now (pre-Phase 1) is worth less than one agreed further down the line, so its in our interest for the company to develop the therapy further.

Magpie, it is positive, especially if there is a period of time before someone commits, it gives everyone who expects it to happen plenty of time to buy more shares.

Littlened, who's saying no-one will ever partner?

Yep. hopefully over the next couple of months. I think that a prospectus partner would want to see the non-GLP tox studies undertaken first before committing in any form. If they started those a couple of weeks after the last raise, we would probably be looking at early/mid June for some signs of progress.

LT, the company said the inhaled toxicology would be 'in the region' of £1.4m

"Should no out-licence, option or collaborative agreement be concluded by the end of March 2026,

generation of an inhaled toxicology package may be required to further progress the NXP002

programme and related licensing discussions, requiring funding in the range of £1.4 million. "

The company has been transparent about the need for cash, for what reason and when they will need it, it just tends to be traders that don't read what the company tells them and then makes assumptions / statements.

Also in the May 2025 prospectus.

The placing prospectus from November.