Nuformix plc
("Nuformix" or the "Company")
Nuformix Achieves Second NXP001 Development Milestone
Triggers Additional £500k Payment for NXP001
Cambridge, UK, 15 May 2019: Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces that in accordance with its updated agreement with Newsummit Biopharma ("NSB"), its licensing partner for China as announced on 27 November 2018, NSB have confirmed a second development milestone for NXP001 has been achieved, triggering a payment of £500,000 to the Company.
NXP001 is in development as a treatment for chemotherapy-induced nausea and vomiting ("CINV"), a large, under-exploited and growing market, which in demographic terms comprises one third of global cancer patients.
Nuformix' first clinical study for NXP001 completed on 22 April 2019 in a cross-over study that aimed to measure the relative bioavailability of NXP001 compared to Merck's EMEND® in healthy subjects. All enrolled subjects completed the study and were discharged without adverse effects, with results expected by end H1 2019.
Prior to entry to the clinic, Nuformix carried out an additional studies to further validate it's prototype NXP001 cocrystal formulations. NSB's acceptance of success in this work announced today brings the total milestone payments from NSB to £1 million, with a further £2 million payment due dependant on relative human bioavailability results, as per the agreement for NXP001 marketing and distribution in China.
Commenting on the news, Dr Dan Gooding, CEO of Nuformix, said: "We're delighted to have reached this second pre-clinical milestone. The data generated was not only sufficient to trigger a second payment of £500k with NewsummitBio, but also gave us tremendous confidence to make the next step into human studies. We look forward to sharing human data very soon and continue to work closely with NSB, such is their commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China. Milestone revenues continue to validate Nuformix's business model and its commitment to reinvest early revenues back into R&D, avoiding further fund-raising at this stage whilst maximising the potential value of its cocrystal platform."
Market Abuse Regulation (MAR) Disclosure. Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the publication of this announcement via a Regulatory Information Service and accordingly, this inside information is now considered to be in the public domain.
Enquiries:
Nuformix plc Dr Dan Gooding, Chief Executive Officer Tel: +44 (0)1223 423667 |
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About Nuformix plc www.nuformix.com
Nuformix is a pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. Nuformix's risk-mitigated development strategy has resulted in a pipeline of discoveries through which it has developed and patented novel cocrystal forms of approved small molecules.
Nuformix has created an IP portfolio of granted patents covering cocrystal forms of five small molecule drugs. Nuformix is targeting high-value unmet needs with its lead programmes in oncology supportive care: NXP001 and fibrosis: NXP002.
Nuformix was established in Cambridge in 2009 and has invested in pharmaceutical cocrystal R&D, establishing world-class capability and know-how in cocrystal discovery and development, yielding multiple product opportunities.
Nuformix plc shares are traded on the London Stock Exchange's Official List under the ticker: NFX.L.
About NXP001
Nuformix is developing NXP001 as a treatment for chemotherapy-induced nausea and vomiting ("CINV"). NXP001 is cocrystal-based product containing the NK-1 antagonist, aprepitant. Aprepitant is the active ingredient in Emend® (Merck) marketed globally for the treatment of CINV. CINV is a large, under-exploited and growing market, which in demographic terms comprises one third of global cancer patients. NXP001 will enable new product entries into the oncology supportive care market, currently valued at over £16bn.
About EMEND®
EMEND® (aprepitant, NK-1 antagonist) was developed by Merck and is approved worldwide for the treatment of CINV and post-operative nausea and vomiting (PONV). The NK1-based treatment regimen is globally recognised as the most efficacious in treating CINV and is first-line therapy according to NCCN and NICE guidelines for all highly emetogenic chemotherapy agents.
