London-listed Nuformix (AIM:NFX) says they have achieved ‘significant progress’ in 2019 after the group released its half-year report.
The pharmaceutical development company has focused its operational efforts into progressing its lead programmes, notably resulting in a successful outcome for the group’s NXP001 pilot study.
The completion of the first trial validated the NXP001 platform and demonstrated that it can rapidly translate its applications of cocrystal technology into human use.
The data generated for NXP001 rounds off the group’s activities in accordance with its agreement with Newsummit Biopharma who they have now received confirmation from for their intention to pay the amounts owed as part of ongoing discussions to extend its working relationship with the Group.
Nuformix highlighted their continued exploration of opportunities within oncology supportive care programmes, detailing that discussions continued an early stage with further partners.
Commenting on its success, Dr Dan Gooding, CEO, Nuformix said the group had achieved a “significant milestone” for the programme and that efforts would now turn towards to fibrosis drug, NXP002.
Shares in Nuformix were trading 1.37% higher at 7.4p on Tuesday morning.
The focus for NXP002 is to secure development partnerships that will accelerate its path to clinic and inflection points in its key fibrosis programmes, the company explained.
The group's ‘second major achievement’ was its deal with Ebers Tech Inc to develop cannabinoid cocrystals covering a wide range of cannabinoid molecules and potential indications.
Nuformix stated that the deal had already brought in immediate revenue, with further payments to be driven by on-going research activities, patent filings and pre-clinical milestones.
“Our results strongly validate the Group's strategy to retain low operational costs whilst generating revenues from both out-licensing and collaborative development,” said Dr Gooding.
Nuformix reported net assets by September of £3,980,126, including cash at bank of £132,764 and said total revenue stood at £535,000 from £610,000 in the same period of 2018.
In addition, the group’s loss in ordinary activities in the period was £131,842 compared to a loss of £642,633 in the same period of 2018.
“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,” he added.
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