Last checked at 14 Sep 2018 07:00
14 September 2018
Nuformix plc
("Nuformix" or the "Company")
NXP001 Pre-Clinical Milestone Achieved
Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs is pleased to announce that in accordance with its agreement with Newsummit Biopharma ("NSB") the pre-clinical milestone for NXP001 has been achieved, triggering a payment of an initial £500,000 to the Company.
In line with the agreement with NSB for NXP001, the demonstration of human bioequivalence to the reference product will trigger a further £2 million payment from NSB, which under the agreement has exclusive rights to NXP001 for marketing and distribution in China. Nuformix is in discussions with multiple parties regarding the marketing of the Rest of World rights for NXP001.
Commenting, Dr Dan Gooding, CEO of Nuformix, said: "We are delighted to reach this first major milestone for NXP001 and Nuformix. The results from studies conducted by NSB have triggered the first payment, which we will receive shortly. NSB remain committed to securing market approval for NXP001 in China and we continue to provide support to that process. Our human pharmacokinetic study remains on track at UK-based CRO, Quotient Sciences and success within that study will trigger the second £2 million payment and allow us to conclude further licensing agreements for Rest of World marketing rights.
"In parallel, we continue to grow and progress our broader product pipeline to maximise our opportunity to address unmet patient needs using cocrystal technology and our de-risked development model and we look forward to updating shareholders and reporting progress over the coming months."
www.nuformix.com
Market Abuse Regulation (MAR) Disclosure. Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the publication of this announcement via a Regulatory Information Service and accordingly, this inside information is now considered to be in the public domain.
Enquiries:
Nuformix plc Dr Dan Gooding, Chief Executive Officer | +44 (0)1223 423667
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Gable Communications Ltd John Bick / Justine James | +44 (0)20 7193 7463
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About Nuformix plc www.nuformix.com
Nuformix is a pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. Nuformix's 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 2009 and has invested into pharmaceutical cocrystal R&D, establishing world-class capability and know-how in cocrystal discovery and development, yielding multiple product opportunities. Nuformix plc shares are traded on the London Stock Exchange's Official List under the ticker: NFX.L.