TIDMNFX
RNS Number : 9506X
Nuformix PLC
24 December 2019
Nuformix plc
("Nuformix" or "the Group"),
Unaudited Half Year Results
for the six months ended 30 September 2019
Significant Progress in Lead Programmes
Cambridge, UK, 24 December 2019: Nuformix (LSE: NFX), the
pharmaceutical development Group using cocrystal technology to
unlock the therapeutic potential of approved small molecule drugs,
announces the Group's unaudited results for the six months ended 30
September 2019.
Financial Highlights
-- Net assets at period end of GBP3,980,126 (2018: GBP4,616,176)
which includes cash at bank of GBP132,764 (2018: GBP32,660).
-- Total revenue in the period of GBP535,000 (2018: GBP610,000).
-- Loss on ordinary activities in the period of GBP131,842
(2018: loss of GBP642,633) and the loss per share was 0.03p (2018:
loss of 0.14p). The reported loss in 2019 included share-and
warrant-based charges of GBP56,933 (2018: GBP765,667).
-- Successful placing on 23 December 2019 raising cash of
GBP1.25 million before issue expenses.
Operational Highlights
-- Successful outcome of NXP001 pilot bioequivalence study
o NXP001 programme completed in accordance with Newsummit
Biopharma agreement
o Additional out-licensing and development opportunities for
NXP001 are currently under evaluation
-- Completion of Ebers Strategic Cannabinoid Development agreement
o First patent filed from the collaboration and progress remains
on track to deliver further milestones within the current financial
year
-- NXP002 progression towards clinic
o Partnerships in place to support development of NXP002 as an
inhaled therapy for Idiopathic Pulmonary Fibrosis ("IPF") and
IPF-induced cough
o Discussions with development partners commenced
o Assembling expert team to progress to patient studies
-- Pipeline Update
o Continued growth of early-stage portfolio following discovery
of new drug cocrystals with applications in fibrosis and
oncology
o NXP004 entered into pipeline for a new indication with a high
unmet need
Commenting on the outlook, Dr Dan Gooding, CEO, Nuformix plc
said: "We have achieved significant progress during the period,
both operationally and within our lead programmes. Our results
strongly validate the Group's strategy to retain low operational
costs whilst generating revenues from both out-licensing and
collaborative development. 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."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Nuformix plc
Dr Dan Gooding, Chief Executive
Officer
Email: info@nuformix.com +44 (0)1223 627222
Novum Securities Limited
Jon Belliss / Colin Rowbury +44 (0)20 7399 9427
About Nuformix plc
Nuformix is a pharmaceutical development Group 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.
For further information please visit www.nuformix.com
Half Year Report
Nuformix plc ("the Company") and its subsidiary (together, "the
Group") is pleased to update shareholders regarding the Group's
developments during the first half of the year ending 30 September
2019 and subsequent events to date in the second half.
Operational Highlights
-- NXP001
o NXP001 programme completed in accordance with Newsummit
Biopharma agreement
o NSB has provided written confirmation of its intention to pay
the remaining amounts owed
-- Completion of Ebers Strategic Cannabinoid Development agreement
o Partnership with Ebers for cannabinoid therapeutics
development, licensing and commercialisation for up to GBP51
million in upfront, R&D and milestone payments, plus long-term
royalties of 20% of net sales
o GBP535,000 income received year-to-date
o First patent filed from the collaboration and progress remains
on track to deliver further milestones within the current financial
year
-- NXP002 progression towards clinic
o Partnerships in place to support development of NXP002 as an
inhaled therapy for Idiopathic Pulmonary Fibrosis (IPF) and
IPF-induced cough
o Discussions with development partners commenced
o Assembling expert team to progress to patient studies
-- Continued pipeline development
o Growth of early-stage portfolio following discovery of new
drug cocrystals with applications in fibrosis and oncology
o NXP004 entered into pipeline for a new indication with a high
unmet need
Half Year Overview
The Group operates in the field of complex scientific research,
specifically drug development through the use of
cocrystallisation.
H1 2020 was a year of progress. The Group has focused all
efforts and resources into progressing its lead programmes and
successfully completed its first clinical development study for
Nuformix's lead product NXP001, demonstrating rapid translation of
its applications of cocrystal technology into human use in line
with its strategy.
The Group is developing an innovative pipeline of products using
its cocrystal technology platform. This exciting platform can
unlock the potential of existing small molecule drugs for new uses
in areas of high unmet medical need. Nuformix is working with drugs
already shown to be safe and accesses existing pre-clinical and
clinical data to progress its programmes. This approach
significantly de-risks the traditional biopharma business model by
enabling dramatically accelerated entry into clinical trials at
reduced cost with drug safety already demonstrated.
The Group is focused on creating value from its growing
intellectual property portfolio. It aims to out-licence lead
programmes after proof-of-concept studies and to reinvest revenue
into its pipeline to maximise mid- to long-term shareholder value.
IP licensing and collaborative development revenues are sufficient
to fund further pipeline development into 2021 thereby maximising
shareholder value.
Nuformix is operating under a lean burn business model as a
semi-virtual organisation. The discovery of new cocrystals is
conducted in-house, with onward development then managed through
external expert CROs to minimise costs. Speed is a key
differentiator in clinical development; known drug compounds allow
for shorter clinical trial pathways with known approval hurdles at
lower cost.
During H1 2020 the Group has completed a significant new deal,
generated revenues and hit important milestones within its
partnerships, with further payments expected to come in H2
2020.
As a result, the Group is able to report net assets at period
end of GBP3,980,126 (2018: GBP4,616,176) which includes cash at
bank of GBP132,764 (2018: GBP32,660). Total revenue in the period
is GBP535,000 (2018: GBP610,000). Loss on ordinary activities in
the period is GBP131,842 (2018: loss of GBP642,633) and which in
2019 included share- and warrant-based charges of GBP56,933 (2018:
GBP765,667). The loss per share is 0.03p (2018: loss of 0.14p).
Team
During the period, the Group has begun to broaden and strengthen
its team as it prepares to commence clinical activities in IPF,
with Dr Muhunthan Thillai joining the Group's Advisory Panel. This
addition provides the Group with invaluable experience in the
design and execution of clinical studies in IPF.
Outlook
Going forward the Group expects an exciting H2 2020. The first
major milestone for this year has already been achieved following
the successful completion of the first clinical trial with NXP001,
validating the Group's platform and demonstrating it can rapidly
translate its applications of cocrystal technology into human
use.
The pre-clinical and clinical data generated for NXP001
completes 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.
A second major achievement for the year involves the deal with
Ebers Tech Inc to develop cannabinoid cocrystals covering a wide
range of cannabinoid molecules and potential indications. The deal
has brought in immediate revenue, with further payments driven by
on-going research activities, patent filings and pre-clinical
milestones. Multiple cannabinoids are currently under development
using Nuformix's technology platform. Income from Ebers-related
activities continues to support Nuformix's low operating costs.
After the period, Ebers raised an undisclosed sum to support the
development of products emerging from this collaboration which are
at an early stage whilst Nuformix and Ebers focus on securing
further IP.
In fibrosis, the Group has recently announced its intentions to
develop NXP002 as a potential inhaled therapy for IPF and
IPF-induced cough, an untreated side effect of IPF that severely
affects over 80 per cent of patients. Inhaled IPF treatment offers
the prospect of reduced competition, increased efficacy and reduced
side effects; overall a more commercially attractive product. The
inclusion of IPF-induced cough reduces development risk with
proof-of-concept demonstrated. Nuformix will continue to work with
its advisors and partners to finalise its overall clinical
development strategy. The Group aims to secure development
partnerships that will accelerate its path to clinic and inflection
points in its key fibrosis programmes.
After the period, the Group announced completion of a placing to
raise GBP1.25 million before expenses, allowing Nuformix to
strengthen its overall position during negotiations for NXP002 and
accelerate progress within two promising programmes following
recent research results. Funds from the Placing will allow Nuformix
to drive progress in its NXP002 and NXP004 programmes.
NXP004 is a new breakthrough entry to the Nuformix pipeline and
is based on a recently approved targeted oncology therapy currently
experiencing significant sales growth. The Group has identified
innovative applications for NXP004 in multiple new indications with
high unmet needs. Placing proceeds will be used to fast-track
NXP004 research and development activities, generating data to
secure patent protection and further validate the envisaged
applications, thus supporting commencement of commercial
discussions.
The validation in clinic established for our underlying
technology, the subsequent de-risking of Nuformix's growing
pipeline and the completion of the Ebers deal confirm our business
model is working to deliver significant growth in shareholder value
in 2019/2020.
Dr Dan Gooding, Dr David Tapolczay, Chairman
CEO
24 December 2019
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014.Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information please contact:
Nuformix plc
Dr Dan Gooding, Chief Executive Officer +44(0)1223 423667
Nuformix plc
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive
Income for the
Half Year Ended 30 September 2019
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
Note GBP GBP GBP
Revenue 535,000 610,000 610,000
Cost of sales (105,417) (79,433) (537,527)
------------- ------------- ------------
Gross profit 429,583 530,567 72,473
-------------------------------- ----- ------------- ------------- ------------
Administrative expenses before
exceptional items (500,110) (419,410) (911,683)
Exceptional items 4 (56,933) (765,667) (975,926)
-------------------------------- ----- ------------- ------------- ------------
Total administrative expenses (557,043) (1,185,077) (1,887,609)
Other operating income 1,800 2,863 4,624
------------- ------------- ------------
Operating loss (125,660) (651,647) (1,810,512)
Finance costs (6,182) (10,986) (32,210)
------------- ------------- ------------
(1,842,
Loss before tax (131,842) (662,633) 722)
Income tax receipt - 20,000 181,495
------------- ------------- ------------
Loss for the period and total
comprehensive income for the
period (131,842) (642,633) (1,661,227)
============= ============= ============
Loss per share - basic and
diluted 5 0.03p 0.14p 0.36p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 30 September
2019
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
Note GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 6 28,628 32,904 27,520
Intangible assets 7 4,255,755 4,272,257 4,260,353
------------ ------------ -----------
4,284,383 4,305,161 4,287,873
------------ ------------ -----------
Current assets
Trade and other receivables 134,152 702,640 162,865
Income tax asset - 146,796 179,850
Cash and cash equivalents 132,764 32,660 4,261
------------ ------------ -----------
266,916 882,096 346,976
------------ ------------ -----------
Total assets 4,551,299 5,187,257 4,634,849
============ ============ ===========
Equity and liabilities
Equity
Share capital 8 469,467 460,750 460,750
Share premium 3,163,578 2,932,590 2,932,590
Merger relief reserve 10,950,000 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195) (8,005,195)
Share option reserve 1,765,185 1,490,504 1,708,252
Retained earnings (4,362,909) (3,212,473) (4,231,067)
------------ ------------ -----------
Total equity 3,980,126 4,616,176 3,815,330
------------ ------------ -----------
Current liabilities
Trade and other payables 556,121 530,394 804,408
Loans and borrowings 15,052 40,687 15,111
571,173 571,081 819,519
Total equity and liabilities 4,551,299 5,187,257 4,634,849
============ ============ ===========
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the Half Year
Ended 30 September 2019
Share Share Merger Reverse Share option Retained Total
capital premium Relief acquisition reserve earnings GBP
GBP GBP Reserve reserve GBP
GBP GBP
At 31 March
2018 460,750 2,932,590 10,950,000 (8,005,195) 724,837 (2,569,840) 4,493,142
Loss for the
half year
and total
comprehensive
loss - - - - - (642,633) (642,633)
Share and
warrant based
payment - - - - 765,667 - 765,667
As at 30
September
2018 460,750 2,932,590 10,950,000 (8,005,195) 1,490,504 (3,212,473) 4,616,176
Loss for the
half year
and total
comprehensive
loss - - - - - (1,018,594) (1,018,594)
Issue of share - - -
capital - - - -
Share and
warrant based
payment - - - - 210,259 - 210,259
Equity element
of
convertible
loan note - - - - 7,489 - 7,489
------------- ------------- ------------- ------------ ------------- ------------- ------------
At 31 March
2019 460,750 2,932,590 10,950,000 (8,005,195) 1,708,252 (4,231,067) 3,815,330
Loss for the
half year
and total
comprehensive
income - - - - - (131,842) (131,842)
Issue of share
capital 8,717 230,988 - - - - 239,705
Share and
warrant based
payment - - - - 56,933 - 56,933
As at 30
September
2019 469,467 3,163,578 10,950,000 (8,005,195) 1,765,185 (4,362,909) 3,980,126
============= ============= ============= ============ ============= ============= ============
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the Half Year Ended 30
September 2019
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
Note GBP GBP GBP
Cash flows from operating activities
Loss for the year (131,842) (642,633) (1,661,227)
Adjustments to cash flows from
non-cash items
Depreciation and amortisation 27,804 26,377 52,815
Finance costs/ (income) 6,182 (10,986) 32,208
Income tax expense - (20,000) (181,495)
Share and warrant based payment 56,933 765,667 975, 926
Equity element of convertible
loan note - - 7,489
------------ ------------ -----------
(40,923) 118,425 (774,284)
Working capital adjustments
(Increase) decrease in trade
and other receivables 28,713 360,650 17,457
Increase (decrease) in trade
and other payables (249,991) (785,020) 260,604
------------ ------------ -----------
Cash generated from operations (262,201) (305,945) (496,223)
Income taxes (paid)/received 181,495 - 196,881
------------ ------------ -----------
Net cash flow from operating
activities (80,706) (305,945) (299,342)
------------ ------------ -----------
Cash flows from investing activities
Acquisitions of property plant
and equipment (24,314) - (1,277)
Disposals of property plant and
equipment - - 149
Acquisition of intangible assets (24,314) - (26,148)
------------ ------------ -----------
Net cash flows from investing
activities (24,314) - (27,276)
------------ ------------ -----------
Cash flows from financing activities
Proceeds of share issue 239,705 - -
Interest paid (5,112) (774) (3,483)
Foreign exchange gains / (losses) (1,070) 1,212 (3,805)
------------ ------------ -----------
Net cash flows from financing
activities 233,523 438 (7,288)
------------ ------------ -----------
Net increase in cash and cash
equivalents 128,503 (305,507) (333,906)
Cash and cash equivalents at
start of period 4,261 338,167 338,167
------------ ------------ -----------
Cash and cash equivalents at
end of period 132,764 32,660 4,261
============ ============ ===========
Nuformix plc
Unaudited Interim Results
Notes to the Consolidated Financial Statements for the Half Year
Ended
30 September 2019
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Financial Reporting Standards as endorsed by the
European Union ("IFRS") and expected to be effective at the
year-end of 31 March 2019.
Accounting policies remain unchanged from the financial
statements for the year ended 31 March 2019.
The interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. Statutory accounts for the year ended 31
March 2019, prepared in accordance with IFRS, have been filed with
the Registrar of Companies. The Auditors' Report on these accounts
was unqualified and included a reference to which the Auditors drew
attention by way of an emphasis of matter, without qualifying their
report, that a material uncertainty existed that might cast
significant doubt on the Group's ability to continue as a going
concern at that time. The Auditors' Report did not contain any
statements under section 498 of the Companies Act 2006.
The consolidated interim financial statements are for the 6
months to 30 September 2019.
The interim consolidated financial information do not include
all the information and disclosures required in the annual
financial statements, and should be read in conjunction with the
group's annual financial statements for the year ended 31 March
2019, which were prepared in accordance with IFRS's as adopted by
the European Union.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
The interim consolidated financial statements cover the six
months ended 30 September 2019. The interim financial statements
for the comparative period ended 30 September 2018 represent the
substance of the reverse acquisition and are those of Nuformix
Technologies Limited.
3. Going concern
The financial statements have been prepared on the going concern
basis of preparation which, inter alia, is based on the directors'
reasonable expectation that the Group has adequate resources to
continue to operate as a going concern for at least twelve months
from the date of their approval. In forming this assessment, the
directors have prepared cashflow forecasts covering the period
ending 31 December 2020 which take into account the likely run rate
on overheads and research expenditure and the prudent expectations
of income from its lead programmes.
Whilst there can be no guarantee of the successful outcome of
future trials, in compiling the cashflow forecasts the directors
have made cautious estimates of the likely outcome of such trials,
when income might be generated and have considered alternative
strategies should projected income be delayed or fails to
materialise. These strategies include postponing non-committed
research expenditure, securing alternative licensing arrangements
from those currently planned and using the Group's established
network of licensed brokers for fundraising.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and, for this reason, they continue to adopt the
going concern basis in preparing the Group's financial
statements.
4 Exceptional Item
As part of the reverse acquisition the Group issued a number of
options and warrants to existing directors, new directors and for
the provision of professional services in relation to the
successful completion of the transaction and in respect of the new
directors' future service. Details of the share-based payments can
be found in note 9.
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
GBP GBP GBP
Share option charge 6,175 765,667 828,427
Warrant charge 50,758 - 147,499
------------ ------------ --------
56,933 765,667 975,926
============ ============ ========
5 Loss per Share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Group by the weighted
average number of shares in issue during the period.
The basic earnings per share for each comparative period is
calculated by dividing the loss of the legal entity in each of
those periods by the legal entities historical weighted average
number of shares outstanding multiplied by the exchange ratio.
30 September 30 September 31 March
2019 2018 2019
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (131,842) (642,633) (1,661,227)
Weighted average number of
shares - basic and diluted 467,323,107 460,750,000 460,750,000
Basic and diluted loss per
share 0.03p 0.14p 0.36p
6 Property, Plant and Equipment
Leasehold Laboratory
improvements Computer equipment equipment Total
GBP GBP GBP GBP
Cost or valuation
At 31 March 2018 32,204 17,344 8,762 58,310
Additions - - 970 970
At 30 September 2018 32,204 17,344 9,732 59,280
Additions - 308 - 308
Disposals - (165) - (165)
------------- ------------------ ---------- -------
At 31 March 2019 32,204 17,487 9,732 59,423
Additions - 751 6,448 7,199
At 30 September 2019 32,204 18,238 16,180 66,622
------------- ------------------ ---------- -------
Depreciation
At 31 March 2018 5,367 8,189 7,261 20,817
Charge 3,220 1,930 409 5,559
At 30 September 2018 8,587 10,119 7,670 26,376
Charge 3,220 1,912 409 5,541
Eliminated on disposal - (14) - (14)
------------- ------------------ ---------- -------
At 31 March 2019 11,807 12,017 8,079 31,903
Charge 3,220 1,741 1,130 6,091
At 30 September 2019 15,027 13,758 9,209 37,994
------------- ------------------ ---------- -------
Carrying amount
At 30 September 2018 23,617 7,225 2,062 32,904
============= ================== ========== =======
At 31 March 2019 20,397 5,470 1,653 27,520
============= ================== ========== =======
At 30 September 2019 17,177 4,480 6,971 28,628
============= ================== ========== =======
7 Intangible Assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 31 March 2018 4,023,484 390,993 4,414,477
Additions - 16,448 16,448
--------- ------- ---------
At 30 September 2018 4,023,484 407,441 4,430,925
Additions - 9,700 9,700
--------- ------- ---------
At 31 March 2019 4,023,484 417,141 4,440,625
Additions - 17,115 17,115
--------- ------- ---------
At 30 September 2019 4,023,484 434,256 4,457,740
--------- ------- ---------
Amortisation
At 31 March 2018 - 138,557 138,557
Amortisation charge - 20,111 20,111
--------- ------- ---------
At 30 September 2018 - 158,668 158,668
Amortisation charge - 21,604 21,604
--------- ------- ---------
At 31 March 2019 - 180,272 180,272
Amortisation charge - 21,713 21,713
--------- ------- ---------
At 30 September 2019 - 201,985 201,985
Net book value
At 30 September 2018 4,023,484 248,773 4,272,257
========= ======= =========
At 31 March 2019 4,023,484 236,869 4,260,353
========= ======= =========
At 30 September 2019 4,023,484 232,271 4,255,755
========= ======= =========
For impairment testing purposes, management consider the
operations of the Group to represent a single cash-generating unit
("CGU") focused on research and development. Consequently, the
goodwill is effectively allocated and considered for impairment
against the business as a whole being the single CGU.
8 Share Capital
Allotted, called up and fully paid shares
30 September 30 September 31 March 2019
2019 2018 Audited
Unaudited Unaudited
No. GBP No. GBP No. GBP
----------- ------- ----------- ------- ----------- -------
Ordinary shares of
GBP0.001 each 469,466,512 469,467 460,750,000 460,750 460,750,000 460,750
----------- ------- ----------- ------- ----------- -------
On 16 May 2019 8,716,512 Ordinary shares of GBP0.001 each were
issued fully paid at an exercise price of 2.75p each under the
terms of a Convertible Loan Agreement dated 18 April 2017 (as
amended).
On 24 October 2019 following the receipt of Notice of Exercise,
250,000 Ordinary shares of GBP0.001 each were issued to the warrant
holder following exercise at the agreed price of 4p per share.
On 23 December 2019 a share placing raising cash of GBP1.25
million before expenses via the issue of 17,857,142 new Ordinary
Shares of GBP0.001 each. Additionally the Group issued 1,321,429
new Ordinary Shares in settlement of certain expenses of the
placing and other corporate overheads.
9 Share Options and Warrants
The Group operates share-based payments arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-based share-based payments are measured at
fair value (excluding the effect of non-market based vesting
conditions) at the date of grant. The fair value is determined at
the grant date of the equity-settled share-based payments is
expensed on a straight line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
On 10 May 2019 Dr Chris Blackwell was granted warrants to
subscribe for 3,000,000 new Ordinary shares of GBP0.001 at an
exercise price of 4p each and exercisable at any time within two
years under the terms of his appointment as director of the Group.
The fair value of the warrants was determined using the
Black-Scholes option pricing model at 1.085p per warrant.
On 16 May 2019 warrants to subscribe for 8,716,512 new Ordinary
shares of GBP0.001 were issued at 2.75p each exercisable at any
time within five years under the terms of a Convertible Loan
Agreement dated 18 April 2017 (as amended). 134,694 of these
warrants were awarded during this period and the fair value of the
warrants was determined using the Black-Scholes option pricing
model and was an average of 4.515p per warrant.
On 3 September 2019 the Group agreed to grant Dr Muhunthan
Thillai options to subscribe for up to 6,000,000 new ordinary
shares of GBP0.001 conditional upon the achievement of various
clinical development milestones. The directors' assessment of the
accounting value of the likelihood of achievement attributable to
the period from 3 September to the period end is GBP6,175.
Statement of Directors Responsibilities
We confirm that to the best of our knowledge:
1. the interim condensed set of financial statements has been
prepared in accordance with IAS 34 'Interim Financial Reporting' as
issued by the IASB and adopted by the EU;
2. the interim management report includes a fair review of the information required by:
2.1. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact
on the condensed set of financial statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
2.2. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
The directors of Nuformix PLC are listed in the Group's 2019
Annual Report and Accounts.
D Gooding
Chief Executive
Further copies of this document are available from the company's
registered address and will be available on the company's website
later today.
Nuformix plc
Registration number: 09632100
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END
IR PGGGAPUPBUQC
(END) Dow Jones Newswires
December 24, 2019 02:00 ET (07:00 GMT)
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