Nuformix (LON:NFX)  announced the appointment of Madeleine ("Maddy") Kennedy, FCCA, who will join the Board of Nuformix as a Non-Executive Director with immediate effect. 
 
The drug repurposing specialist said Maddy, currently CFO and Board Director of Concepta PLC and CFO of CFO4Growth Limited, will be appointed as Chair of the Audit Committee. 
 
Maddy was previously interim CFO for Ieso Digital Health and PsiOxus Therapeutics Ltd and CFO for Lab21 Limited and Finance Director at Alliance Pharma plc, taking it through its IPO. 
 
The company highlighted that Maddy specialises in growing life science businesses and boasts more than 20 years' experience in the sector, both in public and private companies. 
 
Commenting on the new appointment Dr Chris Blackwell, Executive Chairman, commented, "It's a pleasure for us to welcome Maddy to the Board. Maddy's knowledge and experience will be extremely valuable as NFX moves forward with its near-term strategic priorities.” 
 
Maddy Kennedy added, "I am delighted to be joining the Board of Nuformix and look forward to working with the Board and the team, to achieve its strategic objectives." 
 
Shares in Nuformix have traded within a tight range of 2.70p and 3p in the past two weeks to open 1.82% higher this morning at 2.8p following the announcement. 

 

Reasons to Follow Nuformix

Nuformix is a pharmaceutical group which uses cocrystal technology to unlock the therapeutic potential of approved drugs with lead programmes in oncology supportive care and fibrosis. 
 
The company announced its plans to raise around £0.65m at a price of 2.8p a share back in October 2020 in an effort to develop several of its assets to treat the effects of COVID-19.  
 
The proceeds will be used to maximise opportunities for the development pipeline, in particular for its lead asset, NXP002, which it believes could be used to treat hyperinflammation, a side effect seen in some patients suffering with severe COVID-19.  
 
It also believes NXP002 could be used in combination with existing marketed products in the treatment of idiopathic Pulmonary Fibrosis (“IPF”) a serious lung disease. In doing so, the group would be targeting the global IPF market which is valued at around US$2bn a year.  
 
The Board has prioritised this preclinical work alongside other IPF therapies because ‘it is likely that the adoption of new therapies for IPF will be on top of current standard of care.’  
  
The Company said that it plans to exploit the potential for licensing NXP002 across global markets, and in particular to continue to pursue licensing opportunities in the Asian market. It also added that it wants to 'exploit value’ from NXP001 outside the field of oncology.  
 
‘The Board is positive about the opportunities for the Group, in particular, for the development of certain assets for the treatment of Covid-19. Support for these efforts will require additional business development resources,’ the Company outlined to investors last month. 
 
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