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Nuformix continues to explore additional development opportunities

"We have achieved significant progress during the period, both operationally and within our lead programmes," said Dan Gooding, Nuformix's CEO

Nuformix PLC -

Drugs developer Nuformix PLC (LON:NFX) said in its half-year report it has made significant progress.

The group, which uses cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, has focused all its efforts and resources into advancing its lead programmes and during the period it successfully completed its first clinical development study for its lead product NXP001.

The study validated the group's platform and demonstrated it can rapidly translate its applications of cocrystal technology into human use.

The pre-clinical and clinical data generated for NXP001 completed Nuformix's activities within the programme in accordance with its agreement with Newsummit Biopharma and Nuformix has 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.

Nuformix continues to explore additional development opportunities within oncology supportive care programmes with discussions at an early stage with additional development partners.

The reporting period also saw the first patent filing in relation to novel cannabinoid cocrystals following the commencement of development activities under the strategic cannabinoid agreement with Ebers Tech, a private Canadian cannabinoid development company.

Progress remains on track to deliver further milestones within the current financial year, Nuformix said.

Net assets at the end of September stood at £3.98mln, which included cash at the bank of £132,764.

Total revenue in the six month period eased to £535,000 from £610,000 in the corresponding period of 2018.

The loss before tax contracted to £131,842 from £662,633 the year before.

“Our results strongly validate the group’s strategy to retain low operational costs whilst generating revenues from both out-licensing and collaborative development,” said Dan Gooding, the chief executive officer of Nuformix.

“We have reached a significant milestone for our NXP001 programme and our attention now turns to NXP002 and progression towards the clinic and patients. Commercially, we look forward to further progress in our cannabinoid development agreement with Ebers whilst progressing out-licensing discussions with multiple parties for NXP002 and our wider portfolio," he added.

Quick facts: Nuformix PLC

Price: 5.2 GBX

LSE:NFX
Market: LSE
Market Cap: £25.49 m
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