TIDMNFX
RNS Number : 3580U
Nuformix PLC
28 July 2020
Nuformix plc
Annual Report and Accounts for the year ended 31 March 2020
and Notice of Annual General Meeting 2020
Cambridge, UK - 28 July 2020: Nuformix plc (LSE:NFX) ("Nuformix"
or the "Company"), announces that today it has released the
following documents:
-- Annual Report and Accounts for the year ended 31 March 2020
-- Notice of Annual General Meeting ("AGM") 2020
In accordance with the Listing Rule 9.6.1, a copy of these
documents have been uploaded to National Storage Mechanism and will
shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
In light of the Coronavirus (COVID-19) pandemic and the social
distancing measures in place, shareholders will not be able to
attend the AGM in person. The Company's AGM will be held at 11.00
a.m. on Thursday 20 August 2020 proceeding as a virtual closed
meeting attended by a shareholding director and one other
shareholder who are able to form a quorum. Directors who are not
shareholders are eligible to attend. Should there be any changes
(including adjournment or postponement of the meeting) the Company
will notify shareholders in compliance with the Company's articles
of association and the Listing Rules. Please see the Notice of
Meeting for more information.
Shareholders should not attempt to attend the AGM in person as
the Company reserves the right to take such measures as it
considers appropriate to comply with Government guidance and to
seek to ensure the health and security of those attending and/or
take measures that are mandated or recommended by the UK
Government.
Shareholders will not receive a hard copy form of proxy for the
AGM in the post and are requested to vote electronically.
Instructions on voting are attached to the Notice of the Meeting
sent out to shareholders and can also be found on the Company's
website.
In compliance with DTR 6.3.5, the following information is
extracted from the Report and Accounts for the year ended 31 March
2020 and should be read in conjunction with the Company's Final
Results announcement issued on 22 July 2020. The documents are also
available at www.nuformix.com and together constitute the material
required by DTR 6.3.5 to be communicated to the media in unedited
full text through a Regulatory Information Service. Page and note
references in the text refer to page numbers and notes contained in
the Report and Accounts for the year ended 31 March 2020. This
announcement is not a substitute for reading the Report and
Accounts for the year ended 31 March 2020 in full.
Enquiries:
Nuformix plc
Roger Jones, Company Secretary
Fleur Wood, Investor Relations
Email: fleur.wood@nuformix.com +44 (0)1223 627222
Novum Securities Limited
Jon Belliss / Colin Rowbury +44 (0)20 7399 9427
About Nuformix
Nuformix is a pharmaceutical development company focused on
unlocking the therapeutic potential and value of known drugs to
develop new novel medicines which provide therapeutic and
commercial advantages to the currently available drug form.
Nuformix's model of repurposing drugs utilises many technologies
but is focused on its acknowledged expertise in the use of
cocrystal technology through which the Group has developed and
patented novel forms of small molecules. Its platform is not
therapy-specific but instead has broad application across a wide
range of indications. Using its technology, the Group is developing
proprietary medicines for its own development pipeline and in
partnership with pharmaceutical and biotech companies. Nuformix plc
shares are traded on the London Stock Exchange's Official List
under the ticker: NFX.
For more information please visit www.nuformix.com.
Risks and uncertainties
The Group's risk management policy is regularly reviewed and
updated in line with the changing needs of the business. Risk is
inherent in all business. Set out below are certain risk factors
which could have an impact on the Company's long-term performance
and mitigating factors adopted to alleviate these risks. This does
not purport to be an exhaustive list of the risks affecting the
Company. The primary risks identified by the Board are:
Strategic risks
-- Funding the business
o Potential impact and mitigation:
The biotechnology and pharmaceutical industries are very
competitive, with many major players having substantial R&D
departments with greater resources and financial support. The
Company aims to execute commercial deals generating enough revenue
to sustain the business. Without this, reliance falls on investors
or potential M&A opportunities. Failure to generate additional
funding from these sources, if required, would compromise the
Company's ability to achieve its strategic objectives as set out in
the outlook on page 8.
-- Feasibility of drug candidates
o Potential impact and mitigation:
Drug candidates can fail due to a lack of efficacy or potency,
unacceptable toxicology results, insurmountable challenges in
medicinal chemistry, or other technical issues unforeseen at the
time of candidate selection. This is the main reason that the
conventional pharmaceutical R&D model takes many years and
billions of dollars from discovery to approved medicine. It is
possible that the drug candidates selected by Nuformix are found to
be non- viable for development although Nuformix's model of working
only on known drugs allows us to mitigate this risk to a certain
extent.
-- Failure to protect our IP
o Potential impact and mitigation:
If our IP rights are not adequately secured or defended against
infringement, or conversely become subject to infringement claims
by others, commercial exploitation could be completely inhibited.
The Company constantly monitors its patents and is prepared to
defend them rigorously.
-- Unrealistic goals and timeframes
o The Company's executive management has a duty to the Board and
the Company's shareholders to maintain a realistic view of the
chances of success of products, deals and partnerships. Should this
not be managed accurately and appropriately, the Company and its
Board and staff risk financial, business and reputational damage,
whilst its shareholders become exposed to investment risk and
uncertainty over the Company's viability and status. The Board
continually reviews executive management's expectations and
communications in the public domain to reduce the risk of
misalignment.
-- Reliance on partners
o Potential impact and mitigation:
To progress the development of a drug candidate requires
resources, financially or otherwise, that are not necessarily
available to Nuformix. The drug candidates Nuformix wishes to
develop may be of interest to third parties capable of providing
these resources, so a partnership may provide mutual benefits and
mitigate risks for Nuformix. However, the specific strategic focus
of a partner may not align totally with Nuformix's objectives.
Maintaining a balance in a partnership is therefore a risk, such as
timing, cost sharing, development decisions.
Operational risks
-- Management and employees
o Potential impact and mitigation:
With a semi-virtual company model with relatively few employees,
the Company's ability to manage day to day tasks, its relationships
with its customers and suppliers, and the need to liaise with
collaborative partners, could be undermined by failure to retain or
recruit key management and employees. The Company endeavours to
offer attractive remuneration and a positive working environment
for executive staff. Main Board Directors are incentivised as
detailed in the Directors' Remuneration Report.
-- Business development risks in terms of timing and success of deal flow
o Potential impact and mitigation:
Opportunities to generate further value from our development
portfolio and in-house capabilities have increased but the current
environment has slowed the pace of all aspects of deal
negotiations. However, Nuformix seeks to establish a broad range of
assets, opportunities and revenue sources to help mitigate such
risks.
-- Adapting to the external environment - COVID19
o Potential impact and mitigation:
The ability of the Company to quickly adapt to external events
such as the outbreak of COVID19 may impact the delivery of our
strategy. The pandemic could cause further impact to external
research and laboratory work. Our primary focus remains the safety
of our employees and the health and safety of employees on site
conducting research on in-house and working on collaborative
projects. The Company follows Government advice whilst allowing the
team to work flexibly, without disruption to internal research. The
risks are also mitigated by the Company's semi-virtual business
model, allowing the Executive management and Board to work remotely
and effectively.
UK's departure from European Union ("Brexit")
The impact of the UK's departure from the European Union is not
yet clear but it may significantly affect the fiscal, monetary and
regulatory landscape in the UK, and could have a material impact on
the UK's economy and the future growth of its industries, including
the pharmaceutical and biotechnology industries. Depending on the
free trade agreement terms negotiated between EU Member States and
the UK following Brexit, the UK could lose access to the single
European Union market and to the global trade deals negotiated by
the European Union on behalf of its members. Although it is not
possible at this point in time to predict fully the effects of the
free trade agreement with the European Union, it could have a
material adverse effect on the Group's business, financial
condition and results of operations. In addition, it may impact the
Group's ability to comply with the extensive government regulation
to which it is subject and impact the regulatory approval processes
for its product candidates. This is an area the Executive
Management monitors closely.
Financial risk management
-- Failure to achieve strategic plans or meet targets or expectations
o Potential impact and mitigation:
The Group actively and regularly reviews and manages its capital
structure to ensure an optimal capital structure and equity holder
returns, taking into consideration the future capital requirements
of the Group and capital efficiency, prevailing and projected
profitability, projected operating cash flows, projected capital
expenditures and projected strategic investment opportunities.
Further detail on the Group's risk management policies and
procedures are set out in note 24 of the financial statements.
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing
the Annual Report and the financial statements in accordance with
applicable law and regulations. Company law requires the directors
to prepare financial statements for each financial year. Under that
law, the Directors have elected to prepare the financial statements
in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union. Under company law, the
directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and Company and of the profit or loss of the
Group for that year. In preparing these financial statements, the
Directors are required to:
-- Select suitable accounting policies and apply them consistently;
-- Make judgements and accounting estimates that are reasonable and prudent;
-- State whether applicable International Financial Reporting
Standards (IFRSs), as adopted by the European Union, have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- Prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will continue
in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are
also responsible for safeguarding the assets of the Group and hence
for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
In the case of each person who was a director at the time of
this report was approved:
-- So far as that Director is aware, there is no relevant audit
information of which the Group's auditor is unaware; and,
-- That Director has taken all steps that the director ought to
have taken as a director to make himself aware of any relevant
audit information and to establish that the Group's auditor is
aware of that information.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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