RE: NFX24 May 2019 18:53
November 2018 extracts from RNS:
The regulatory submission process is on-going in China with Nuformix supporting NSB, which has exclusive rights to NXP001 for marketing and distribution in China under its license agreement. Nuformix remains on track to commence its clinical studies for NXP001 in Q1 2019, with receipt of all milestone payments completed during Q2 2019.
Commenting on the news, Dr Dan Gooding, CEO of Nuformix, said: "The expanded licensing agreement demonstrates NSB's commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China. This is a large, untapped and growing market, which in demographic terms has one third of global cancer patients. The milestone payment received validates Nuformix's business model and its commitment to reinvest initial revenues back into R&D, avoiding further fund-raising at this stage whilst maximising the potential value of its cocrystal platform."
The data also support Nuformix's business development activities for out-licensing the rest of world rights for NXP001. Nuformix confirms that, following these recent studies, it is in discussion with multiple parties regarding rest of world rights, which are expected to deliver further upfront and milestone payments for wider entry into the large and growing cancer supportive care market.
Global cancer rates are soaring and whereas treatments increasingly extend life, side effects can severely limit and delay treatment. Effective supportive care ensures a patient's treatment remains on track. NXP001 has the potential to enable wider patient access to an under-utilised product within the growing oncology supportive care market. Over the last decade, China has emerged as the second largest global market and is on course to become the largest single market, having previously been outside the top 10.