Nuformix PLC Expansion of NXP001 Agreement & Milestone Payment (5310I)
November 27 2018 - 2:00AM
UK Regulatory
TIDMNFX
RNS Number : 5310I
Nuformix PLC
27 November 2018
Nuformix plc
("Nuformix" or the "Company")
Nuformix Expands Licensing Agreement with Newsummit Biopharma
for cancer supportive care product
Receives First Milestone Payment for NXP001
Cambridge, UK, 27 November 2018: Nuformix, the pharmaceutical
development company using cocrystal technology to unlock the
therapeutic potential of approved small molecule drugs, announces
it has expanded its licensing agreement with Newsummit Biopharma
("NSB"), its Chinese licensing partner for NXP001, which is in
development for cancer supportive care.
Nuformix will be carrying out an additional pre-clinical study
on NXP001 to further validate differentiated product opportunities.
This will increase total milestone payments from NSB from GBP2.5
million to GBP3 million, following the addition of a second
pre-clinical milestone of GBP500,000. NSB has now paid the Company
the first milestone payment of GBP500,000, having achieved the
first pre-clinical milestone for NXP001, as announced on 14
September 2018.
Data from the recent NXP001 studies carried out by Nuformix
demonstrate additional commercial applications beyond its initial
intended use as a generic alternative to the marketed reference
product. Nuformix plans to carry out an additional pre-clinical
study on NXP001 for differentiated product forms in early Q1 2019.
Data from the additional milestone studies will support regulatory
submissions in China to facilitate market approval of multiple
NXP001-derived products.
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.
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
Tel: +44 (0)1223 423667
Optimum Strategic Communications
Supriya Mathur, Mary Clark
Tel: +44 (0) 203 950 9144
Email: nuformix@optimumcomms.com
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
in 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.
About Newsummit Biopharma
Established in 2001, Newsummit Biopharma is committed to
accelerating the translation of healthcare innovations into
clinically relevant products and services, for the benefit of
patients in China and the world.
Via its unique Collaborative Healthcare Organization (CHO)
services model, Newsummit Biopharma leverages clinical, scientific,
industrial, governmental and financial resources globally to create
a unique, patient-centric healthcare product development ecosystem
rooted in innovation. Newsummit Biopharma is a wholly owned
subsidiary of Zhejiang Yatai Pharmaceuticals, a Chinese listed
pharmaceutical company (SHE:002370) following its acquisition in
2017.
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END
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