Nuformix (NFX) announced a £1.25 million placing and a new addition to its development pipeline on Monday.
The AIM-listed firm said the new addition, NXP004, is “based on a recently approved targeted oncology therapy currently experiencing significant sales growth”.
Nuformix told investors it identified an innovative application for NXP004 in a new indication “with high unmet need”.
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.”
Shares in Nuformix were trading 1.79% higher at 8.55p during Monday afternoon trading
Nuformix said the placing funds will be used to fast-track research and development activities, generating data to secure patent protection and further validate the envisaged applications, supporting the start of commercial discussions.
Discussing NXP004, Nuformix said it believes its cocrystal technology will create new options for optimal disease treatment with applications in fibrosis and oncology.
Nuformix also told investors that some of the funds will be used to progress development of NXP002 as an inhaled therapy for IPF and IPF-induced cough.
Dr Dan Gooding said: “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.”
He added: “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.”
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