Nuformix PLC NXP001 Pre-Clinical Milestone Achieved (7557A)
September 14 2018 - 02:00AM
UK Regulatory
TIDMNFX
RNS Number : 7557A
Nuformix PLC
14 September 2018
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 GBP500,000 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 GBP2 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 GBP2
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
Gable Communications Ltd
John Bick / Justine James +44 (0)20 7193 7463
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.
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END
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