TIDMNFX
RNS Number : 4941U
Nuformix PLC
25 November 2019
25th November 2019
Nuformix plc
("Nuformix" or "the Group"),
Placing and Update
Nuformix, the pharmaceutical development company using cocrystal
technology to unlock the therapeutic potential of approved small
molecule drugs is pleased to announce a placing to raise GBP1.25
million before expenses of GBP77,000 (the "Placing") via the issue
of 17,857,142 new Ordinary Shares of 0.1p each in the Group at 7p
per share ("Placing Shares"). Additionally, the Group has issued
1,321,429 new Ordinary Shares in settlement of certain expenses of
the Placing and other corporate overheads in order to retain
maximum capital for investment into its programmes.
This tactical placing will allow the Group to strengthen its
overall position during negotiations in Asia for NXP002 and
accelerate progress within two promising programmes following
recent research results, including a new breakthrough addition to
the pipeline NXP004:
NXP002
Nuformix's NXP002 programme is focused on the development of a
treatment for human idiopathic pulmonary fibrosis ("IPF"). IPF is a
poorly treated rare disease with high patient mortality and
presents a global commercial market that is forecast to grow to
$5bn by 2025.
The Group has elected to commence development of NXP002 as an
inhaled therapy for the treatment of both 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 is putting in place the team and development
partnerships to pursue this path for NXP002. Funds from the Placing
will allow Nuformix to drive progress in this programme and support
Nuformix's position in the Group's on-going discussions with
multiple potential development partners in Asia and the US.
NXP004
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 an
innovative application for NXP004 in a new indication with high
unmet need. Nuformix's cocrystal technology platform will enable
previously unexplored novel delivery methods to create new options
for optimal disease treatment with applications in fibrosis and
oncology.
Placing proceeds will be used to fast-track research and
development activities, generating data to secure patent protection
and further validate the envisaged applications, thus supporting
commencement of commercial discussions.
In addition, the Group has the following updates on its other
programmes:
Ebers Cannabinoid Development Agreement
Nuformix's Cannabinoid development programme in partnership with
Ebers Tech Inc (Ebers), a private Canadian cannabinoid development
company with connections to major vertically integrated US
cannabinoid players, remains on track. Multiple cannabinoids are
currently under development using Nuformix's technology platform.
Income from Ebers-related activities continues to support
Nuformix's low operating costs. Ebers has recently 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.
NXP001
Nuformix continues to explore additional development
opportunities within oncology supportive care programmes with
discussions at an early stage with additional development partners.
The pre-clinical and clinical data generated completes Nuformix's
activities within its NXP001 programme in accordance with its
agreement with Newsummit Biopharma and we have 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.
Dr Dan Gooding, CEO, Nuformix plc, said: "NXP004 introduces a
strong new candidate to our development pipeline which we believe
offers significant commercial potential in multiple therapeutic
areas. Furthermore, our decision to develop NXP002 as an inhaled
therapy for both IPF and IPF-induced cough has resulted in changes
to our development plan and offers potential commercial advantages
that are attractive for both patients and future development
partners. We believe that today's tactical and prudent fundraise
will allow us to secure key new product opportunities for NXP004
and support an upscaling of our NXP002 research activities to
accelerate progress on this critical programme. We welcome our new
shareholders and look forward to achieving continued success across
all of the current development programmes."
The Placing was completed by Novum Securities Limited who are
appointed as broker to the Group. The Group will make application
for the admission of 19,178,571 new Ordinary Shares to listing on
the Official List (standard listing segment) of the UK Listing
Authority and to trading on the London Stock Exchange's main market
for listed securities which is expected to be effective on 23
December 2019.
The Group advises that, following the issue of such 19,178,571
new Ordinary Shares, the Group's issued share capital is
488,895,083 shares of 0.1p, each with one vote per share. There are
no shares held in treasury.
This total voting rights figure may be used by shareholders as
the denominator for the calculations by which they will determine
whether they are required to notify their interests in, or a change
to their interest in, Nuformix plc under the Disclosure and
Transparency Rules.
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
Email: info@nuformix.com +44 (0)1223 627222
Novum Securities Limited
Jon Belliss / Colin Rowbury +44 (0)20 7399 9427
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 Fibrosis
Fibrotic disease is typically associated with high patient
mortality, increasing prevalence and a lack of safe and effective
treatments. Whilst, fibrosis treatments are in their infancy the
emerging lung fibrosis market demonstrates their blockbuster
potential. Markets for other fibrotic conditions are
under-developed, with large and growing patient populations (e.g.
the global liver disease market is predicted to reach $12.1 billion
by 2022). IPF is classified as a rare disease and presents a global
commercial market that is forecast to grow to $5bn by 2025.
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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