In its results for the year to 31 March 2021 Nuformix (NFX ) hailed “an exciting period” and said it now remains focused on bringing its pipeline of drug assets into the next stage of growth.
The pharmaceutical development firm which is focused on targeting unmet medical needs in fibrosis and oncology, reported total revenue at £0.19 million (FY20: £0.535 million). Cash at bank as at 31 March 2021 stood at £1.6 million, up from £0.54 million in FY20.
The Group said it had delivered a loss on ordinary activities, after tax credit, of £1.25 million compared to a loss of £0.75m in FY20 and a loss per share of 0.22p (FY20: 0.16p). It said the reported loss is driven mainly by costs related to the further development of pipeline assets.
Nuformix said the success of the two fundraises -£1.565m and £0.65m raised in March 2021 and October 2020, respectively - will enable it to advance and exploit the current assets within the portfolio through additional R&D and business development activities.
This includes R&D for the Company’s proprietary assets, focusing on NXP002, a potential novel inhaled treatment for idiopathic Pulmonary Fibrosis (IPF) and NXP004 an asset in its research phase which represents novel forms of an undisclosed marketed oncology drug.
The Group is also continuing to seek non-dilutive grant funding for its early-stage assets that, if successful, will enable further investment in its pipeline to accelerate development.
The Company said negotiations are currently underway over a global license deal for a third drug asset, NXP001, with Oxilio, a privately-owned pharmaceutical development company.
Once agreed, Nuformix said it will license its patent estate and know-how on NXP001, a drug which targets side-effects relating to chemotherapy, in return for an upfront payment, development milestones and a royalty on net sales, capped at £2 million per annum.
In NXP004, the Group said it has discovered novel forms of an undisclosed marketed oncology drug that has significant sales (more than £1bn in 2020) and is showing further growth.
Nuformix said further research is ongoing and if it is positive, it will seek to license NXP004 (new forms of undisclosed drug) to the originator of the marketed drug to potentially extend their patent protection, thus potentially adding significant value for the originator.
Over the year, Nuformix also moved to strengthen its Board by appointing Dr Anne Brindley as Chief Executive and Dr Julian Gilbert and Maddy Kennedy as Non-Executive Directors.
Commenting on the results, Dr Anne Brindley, CEO of Nuformix, said: "Our ambition is to repurpose existing, marketed drugs, with improved physical properties in order to develop novel products in new indications to create attractive commercial opportunities.
The successful fundraisers during the year are enabling us to perform further R&D on our proprietary assets, focussing on NXP002 and NXP004, which will allow us to move to the next stage of growth and value creation for us. As we continue to execute on our strategy, we are building momentum with the ultimate aim of delivering value to shareholders."
Dr Alastair Riddell, who was appointed as a Non-Executive Chairman post period end, said: "This has been a year of change and progression for the Company and its leadership. The team remains energised by the potential of our pipeline and business strategy to address the devastating and typically progressive disease burden associated with fibrosis and oncology.”
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