The Cambridge-based pharmaceutical development company, Nuformix, were in the studio today to discuss their innovative cocrystal technology and their recent round of fundraising which brought in £1.3 million.
Core Finance Interview
Nuformix’s NXP002 programme is focused on the development of a treatment for human idiopathic pulmonary fibrosis (“IPF”). IPF is a poorly treated rare disease with high patient mortality and presents a global commercial market that is forecast to grow to $5bn by 2025.
The Group has elected to commence development of NXP002 as an inhaled therapy for the treatment of both IPF and IPF-induced cough, an untreated side effect of IPF that severely affects over 80 per cent of patients. Inhaled IPF treatment offers the prospect of reduced competition, increased efficacy and reduced side effects; overall a more commercially attractive product. The inclusion of IPF-induced cough reduces development risk with proof-of-concept demonstrated.
Nuformix is putting in place the team and development partnerships to pursue this path for NXP002. Funds from the Placing will allow Nuformix to drive progress in this programme and support Nuformix’s position in the Group’s on-going discussions with multiple potential development partners in Asia and the US.
NXP004 is a new breakthrough entry to the Nuformix pipeline and is based on a recently approved targeted oncology therapy currently experiencing significant sales growth. The Group has identified an innovative application for NXP004 in a new indication with high unmet need. Nuformix’s cocrystal technology platform will enable previously unexplored novel delivery methods to create new options for optimal disease treatment with applications in fibrosis and oncology.
Placing proceeds will be used to fast-track research and development activities, generating data to secure patent protection and further validate the envisaged applications, thus supporting commencement of commercial discussions.
In addition, the Group has the following updates on its other programmes:
Ebers Cannabinoid Development Agreement
Nuformix’s Cannabinoid development programme in partnership with Ebers Tech Inc (Ebers), a private Canadian cannabinoid development company with connections to major vertically integrated US cannabinoid players, remains on track. Multiple cannabinoids are currently under development using Nuformix’s technology platform. Income from Ebers-related activities continues to support Nuformix’s low operating costs. Ebers has recently raised an undisclosed sum to support the development of products emerging from this collaboration which are at an early stage whilst Nuformix and Ebers focus on securing further IP.
Nuformix continues to explore additional development opportunities within oncology supportive care programmes with discussions at an early stage with additional development partners. The pre-clinical and clinical data generated completes Nuformix’s activities within its NXP001 programme in accordance with its agreement with Newsummit Biopharma and we have received written confirmation of Newsummit Biopharma’s intention to pay the amounts owed as part of ongoing discussions to extend its working relationship with the Group.
Dr Dan Gooding, CEO, Nuformix plc, said: “NXP004 introduces a strong new candidate to our development pipeline which we believe offers significant commercial potential in multiple therapeutic areas. Furthermore, our decision to develop NXP002 as an inhaled therapy for both IPF and IPF-induced cough has resulted in changes to our development plan and offers potential commercial advantages that are attractive for both patients and future development partners. We believe that today’s tactical and prudent fundraise will allow us to secure key new product opportunities for NXP004 and support an upscaling of our NXP002 research activities to accelerate progress on this critical programme. We welcome our new shareholders and look forward to achieving continued success across all of the current development programmes.”
The Placing was completed by Novum Securities Limited who are appointed as broker to the Group. The Group will make application for the admission of 19,178,571 new Ordinary Shares to listing on the Official List (standard listing segment) of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities which is expected to be effective on 23 December 2019.
The Group advises that, following the issue of such 19,178,571 new Ordinary Shares, the Group’s issued share capital is 488,895,083 shares of 0.1p, each with one vote per share. There are no shares held in treasury.
This total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, Nuformix plc under the Disclosure and Transparency Rules.
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