Nuformix PLC Nuformix Achieves 2nd NXP001 Development Milestone (0408Z)
15 Mayo 2019 - 1:00AM
UK Regulatory
TIDMNFX
RNS Number : 0408Z
Nuformix PLC
14 May 2019
Nuformix plc
("Nuformix" or the "Company")
Nuformix Achieves Second NXP001 Development Milestone
Triggers Additional GBP500k Payment for NXP001
Cambridge, UK, 15 May 2019: Nuformix, the pharmaceutical
development company using cocrystal technology to unlock the
therapeutic potential of approved small molecule drugs, announces
that in accordance with its updated agreement with Newsummit
Biopharma ("NSB"), its licensing partner for China as announced on
27 November 2018, NSB have confirmed a second development milestone
for NXP001 has been achieved, triggering a payment of GBP500,000 to
the Company.
NXP001 is in development as a treatment for chemotherapy-induced
nausea and vomiting ("CINV"), a large, under-exploited and growing
market, which in demographic terms comprises one third of global
cancer patients.
Nuformix' first clinical study for NXP001 completed on 22 April
2019 in a cross-over study that aimed to measure the relative
bioavailability of NXP001 compared to Merck's EMEND(R) in healthy
subjects. All enrolled subjects completed the study and were
discharged without adverse effects, with results expected by end H1
2019.
Prior to entry to the clinic, Nuformix carried out an additional
studies to further validate it's prototype NXP001 cocrystal
formulations. NSB's acceptance of success in this work announced
today brings the total milestone payments from NSB to GBP1 million,
with a further GBP2 million payment due dependant on relative human
bioavailability results, as per the agreement for NXP001 marketing
and distribution in China.
Commenting on the news, Dr Dan Gooding, CEO of Nuformix, said:
"We're delighted to have reached this second pre-clinical
milestone. The data generated was not only sufficient to trigger a
second payment of GBP500k with NewsummitBio, but also gave us
tremendous confidence to make the next step into human studies. We
look forward to sharing human data very soon and continue to work
closely with NSB, such is their commitment to the commercialisation
of NXP001 and its understanding of the commercial opportunity in
China. Milestone revenues continue to validate Nuformix's business
model and its commitment to reinvest early revenues back into
R&D, avoiding further fund-raising at this stage whilst
maximising the potential value of its cocrystal platform."
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
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 NXP001
Nuformix is developing NXP001 as a treatment for
chemotherapy-induced nausea and vomiting ("CINV"). NXP001 is
cocrystal-based product containing the NK-1 antagonist, aprepitant.
Aprepitant is the active ingredient in Emend(R) (Merck) marketed
globally for the treatment of CINV. CINV is a large,
under-exploited and growing market, which in demographic terms
comprises one third of global cancer patients. NXP001 will enable
new product entries into the oncology supportive care market,
currently valued at over GBP16bn.
About EMEND(R)
EMEND(R) (aprepitant, NK-1 antagonist) was developed by Merck
and is approved worldwide for the treatment of CINV and
post-operative nausea and vomiting (PONV). The NK1-based treatment
regimen is globally recognised as the most efficacious in treating
CINV and is first-line therapy according to NCCN and NICE
guidelines for all highly emetogenic chemotherapy agents.
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END
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