Nuformix (NFX) released its half year results ended 30 September 2018.
It achieved a key development milestone for NXP001 in Oncology supportive care which triggered a £500,000 payment, and has filed new patents to broadened NXP002 applications in fibrotic conditions.
The company is using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. According to the company result s, it has had continued growth of its pre-clinical portfolio following the development of new drug cocrystals.
It reported a net loss of £642,633 for the period, however operating profit before exceptional items (share option charges, which are not cash reducing, of £765,667) was positive at £114,020.
The company also noted key milestones were achieved for NXP002 in treating fibrosis, with preclinical multi-patient tissue studies completed with Newcastle University in Q4 2018, results of which are the first of their kind to be published.
The data demonstrated candidates strongly inhibit fibrosis ex-vivo; “even in very severely fibrotic human lung tissue taken from patients at end stage with idiopathic lung fibrosis (IPF)”.
Dr Dan Gooding, CEO, Nuformix plc said: "The results strongly validate the Company's strategy of combining a 'lean burn' model and low operational costs with early revenues from both out-licensing and collaborative development.”
“We can look forward to achieving further clinical and commercial progress for both programmes in the first half of 2019 whilst maintaining low operating costs."
The company is seeking to out-license Rest of World marketing rights for NXP001, which is on track to achieve significant development and commercial milestones next year, and delivery of candidates within its NXP002 programme.
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