Last checked at 15 Dec 2017 07:30
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Nuformix Plc
("Nuformix" or "the Company")
Cocrystal Agreement for NXP001 with Newsummit Biopharma
£2.5m Payment plus Double Digit Royalty on Sales
Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces it has entered into an addendum to the Cocrystallisation Service Agreement dated 30 October 2015 ("Original Agreement") with Shanghai Newsummit Biopharma Group Company Limited ("Newsummit") to include a license to NXP001, for the Chinese market only.
Dated 15th December 2017 the addendum with Newsummit, a China-based integrated development services company for healthcare innovation, is summarised as:
· Exclusive development of NXP001 in China with applications in oncology supportive care.
· Newsummit has agreed to pay an aggregate fee of £2,500,000 in addition to double-digit royalty on all Newsummit revenues derived from NXP001.
Nuformix is conducting a pilot bioequivalence study for its NXP001 programme, based on a currently marketed treatment in the field of oncology supportive care. Under the terms of the agreement, Newsummit will pay a total fee of £2,500,000 to Nuformix, with a final milestone payment payable on successful completion of the NXP001 pilot bioequivalence study.
Cancer has become a major healthcare concern in China as the leading cause of death, topping the list of countries with the most cancer cases. Yet the cost of cancer treatment restricts access for the majority.
Dr Dan Gooding, CEO, Nuformix plc, said: "The conclusion of this Agreement is a significant milestone for the Company, bringing significant early revenue and a potential mid-term royalty stream. I am delighted to further our partnership with Newsummit, with whom we have developed a proven working relationship in the transfer of our technology to China. NXP001 represents a unique opportunity to deliver an affordable innovative healthcare product to a large and growing underserved patient population and look I forward to working with Newsummit to achieve this objective."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Nuformix Plc Dan Gooding, CEO
| +44 (0) 1223 423667 |
Beaufort Securities Limited (Broker) Jon Belliss
| +44 (0) 20 7382 8300 |
Gable Communications Limited (Financial PR) John Bick / Justine James | +44 (0) 20 7193 7463
|
About NXP001
NXP001 is based on a currently marketed treatment in the field of oncology supportive care, which addresses some of the severe side effects faced by cancer patients in their treatment. The Directors believe oncology treatments can have a major impact on patient quality of life and that up to 35% of cancer patients terminate their treatment due to side effects.
NXP001 has been developed through the cocrystallisation of a drug that is commercially available as a branded product, manufactured by a global pharmaceutical company. The large and growing oncology supportive care market is currently estimated at £17.5 billion per annum, rising to £23.5 billion in 2021 (Financial Times).
About Nuformix plc
Nuformix is a pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. Nuformix' risk-mitigated development strategy has resulted in a pipeline of discoveries through which it has developed and patented novel cocrystal forms of approved small molecules.
Nuformix has created an IP portfolio containing a range of granted patents covering cocrystal forms of five small molecule drugs. Nuformix is targeting high-value unmet needs with its lead programmes in oncology supportive care: NXP001 and fibrosis: NXP002.
Nuformix was established in Cambridge in 2008 and has invested into pharmaceutical cocrystal R&D, establishing world-class capability and know-how in cocrystal discovery and development, yielding multiple product opportunities and revenues from products under development in China with Newsummit. Nuformix plc shares are traded on the London Stock Exchange's Official List under the ticker: NFX.L.