Nuformix (NFX) is using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs for use in cancer supportive care.
It expanded its licensing agreement with Newsummit Biopharma (NSB) for its NXP001 product after data from recent NXP001 studies carried out demonstrated additional commercial applications beyond initial intended use.
Nuformix will carry out an additional pre-clinical study on NXP001 to further validate differentiated product opportunities in early Q1 2019.
The data will support regulatory submissions in China to facilitate market approval of multiple NXP001- derived products.
The regulatory submission process is on-going in China, from which NSB, a subsidiary of a Chinese listed pharmaceutical company, has exclusive rights.
Nuformix also announced it received the first milestone payment for NXP001 of £500,000. Total milestone payments from NSB now total £3 million.
Following the announcement, shares in Nuformix were up 4% to 2.45p, with trading volumes increasing almost tenfold.
The company on track for its clinical studies, with payments expected to be completed during Q2 2019.
The milestone payment indicates the Nuformix business model is working - the company can reinvest initial revenues back into R&D, avoiding further fund-raising while maximising the potential value of its cocrystal platform.
Dr Dan Gooding, CEO of Nuformix, said: “The expanded licensing agreement demonstrates NSB's commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China.”
“This is a large, untapped and growing market, which in demographic terms has one third of global cancer patients.”
The company confirmed that it is in discussion with multiple parties over rest of world rights, which are “expected to deliver further upfront and milestone payments for wider entry into the large and growing cancer supportive care market”.
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