Nuformix PLC Strategic Cannabinoid Agreement (5048V)
09 Abril 2019 - 1:00AM
UK Regulatory
TIDMNFX
RNS Number : 5048V
Nuformix PLC
09 April 2019
Nuformix plc
("Nuformix" or the "Company")
Strategic Cannabinoid Agreement
Cambridge, UK, 9th April 2019: Nuformix (LSE: NFX), the
pharmaceutical development company using cocrystal technology to
unlock the therapeutic potential of approved small molecule drugs,
today announces it has signed an agreement for cannabinoid
therapeutics development, licensing and commercialisation
containing up to GBP51 million of upfront, R&D and milestone
payments, plus long-term royalties of 20% of net sales (the
"Agreement").
Ebers Tech Inc. (Ebers) is a private Canadian company backed by
leaders from the financial sector with connections to major
vertically integrated US market-facing cannabinoid players. The
Agreement enables Ebers to employ Nuformix's technology platforms
to bring a range of superior, differentiated therapeutic
cannabinoid products to market for a multitude of consumer product
and pharmaceutical applications.
Under the terms of the Agreement and the expected development
timeline, Nuformix will receive a significant upfront payment and
believes it will earn further R&D and early-stage milestone
payments up to a total of GBP1m during 2019. Further pre-clinical
and clinical milestone payments are expected in 2020 and 2021, in
addition to royalty payments of 20%, given the speed to market for
consumer therapeutic products. Under the agreement, Nuformix will
be responsible for early stage R&D activities and Ebers will be
responsible for late-stage development, clinical programmes and
commercialisation.
All R&D work conducted by Nuformix and its partners in the
UK will be conducted in compliance with UK legislation regarding
controlled substances.
Dr Dan Gooding, CEO, Nuformix plc, said: "We are very pleased to
have finalised this partnership agreement in the cannabinoid space.
Nuformix specialises in a range of solid-form technologies and
related IP aspects that are optimal for application to the
cannabinoid family of molecules - the ability to improve
therapeutic performance whilst generating robust new patent
protection. In Ebers, we have a partner in the ideal location for
maximising value in the emerging cannabinoids product market. In
addition, the Ebers team are well backed and connected to major
market-facing players within what is one of the most burgeoning
healthcare fields we have seen in decades.
"Given the progress made with our NXP001 programme, we have
proven our capability to develop products with a short path to
market that utilise our IP and technology. The agreement allows
Nuformix and its shareholders to benefit immediately from the
upside of this attractive market without exposure to development
and commercialisation risk. We are able to focus on developing our
clinical and early-stage portfolios as planned, whilst generating
significant near term revenue via attractive development milestones
and a strong royalty component. We look forward to sharing further
details with the market as the partnership progresses."
Specific cannabinoid-derived products have a huge and rapidly
growing potential market with enormous public health benefit across
a wide range of therapeutic areas.
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 627222
Optimum Strategic Communications
Mary Clark, Supriya Mathur +44 (0) 203 950
Email: nuformix@optimumcomms.com 9144
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 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 Ebers Tech Inc
Ebers Tech Inc is a private Canadian company backed by leaders
from the financial sector focussed on the development of superior,
differentiated cannabinoid products for a multitude of consumer
product and therapeutic applications.
About the Cannabinoid Product Market
The cannabinoid product market is perceived to be a rapidly
growing and significant market in products not containing THC. The
projected US cannabinoid-based pharmaceuticals market alone is
expected to grow US$ 50bn by 2029(1) . The existing wider
cannabinoid product market is large and growing. Global CBD product
sales are estimated at GBP1.1bn in 2018 and forecast to reach
GBP22bn by 20252, with GW Pharma's Epidiolex, a CBD-based
pharmaceutical product, forecast to achieve annual sales of
GBP1.7bn3. Through the agreement with Ebers Tech, Nuformix will
benefit from adding its technology to a range of products into
multiple markets versus taking a single product containing our
technology into a single market.
(1)
https://www.statista.com/statistics/588853/market-size-of-cannabinoid-pharmaceuticals-in-the-us/
(2)
https://www.zionmarketresearch.com/report/cannabidiol-products-market
3
https://seekingalpha.com/article/4228926-gw-pharmaceuticals-big-upside-expected-revenues
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END
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