Nuformix PLC Agreement to License NXP001 (4704Z)
15 December 2017 - 6:30PM
UK Regulatory
TIDMNFX
RNS Number : 4704Z
Nuformix PLC
15 December 2017
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Nuformix Plc
("Nuformix" or "the Company")
Cocrystal Agreement for NXP001 with Newsummit Biopharma
GBP2.5m Payment plus Double Digit Royalty on Sales
Nuformix, the pharmaceutical development company using cocrystal
technology to unlock the therapeutic potential of approved small
molecule drugs, announces it has entered into an addendum to the
Cocrystallisation Service Agreement dated 30 October 2015
("Original Agreement") with Shanghai Newsummit Biopharma Group
Company Limited ("Newsummit") to include a license to NXP001, for
the Chinese market only.
Dated 15th December 2017 the addendum with Newsummit, a
China-based integrated development services company for healthcare
innovation, is summarised as:
-- Exclusive development of NXP001 in China with applications in oncology supportive care.
-- Newsummit has agreed to pay an aggregate fee of GBP2,500,000
in addition to double-digit royalty on all Newsummit revenues
derived from NXP001.
Nuformix is conducting a pilot bioequivalence study for its
NXP001 programme, based on a currently marketed treatment in the
field of oncology supportive care. Under the terms of the
agreement, Newsummit will pay a total fee of GBP2,500,000 to
Nuformix, with a final milestone payment payable on successful
completion of the NXP001 pilot bioequivalence study.
Cancer has become a major healthcare concern in China as the
leading cause of death, topping the list of countries with the most
cancer cases. Yet the cost of cancer treatment restricts access for
the majority.
Dr Dan Gooding, CEO, Nuformix plc, said: "The conclusion of this
Agreement is a significant milestone for the Company, bringing
significant early revenue and a potential mid-term royalty stream.
I am delighted to further our partnership with Newsummit, with whom
we have developed a proven working relationship in the transfer of
our technology to China. NXP001 represents a unique opportunity to
deliver an affordable innovative healthcare product to a large and
growing underserved patient population and look I forward to
working with Newsummit to achieve this objective."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Nuformix Plc +44 (0) 1223
Dan Gooding, CEO 423667
Beaufort Securities Limited (Broker) +44 (0) 20
Jon Belliss 7382 8300
Gable Communications Limited
(Financial PR) +44 (0) 20
John Bick / Justine James 7193 7463
About NXP001
NXP001 is based on a currently marketed treatment in the field
of oncology supportive care, which addresses some of the severe
side effects faced by cancer patients in their treatment. The
Directors believe oncology treatments can have a major impact on
patient quality of life and that up to 35% of cancer patients
terminate their treatment due to side effects.
NXP001 has been developed through the cocrystallisation of a
drug that is commercially available as a branded product,
manufactured by a global pharmaceutical company. The large and
growing oncology supportive care market is currently estimated at
GBP17.5 billion per annum, rising to GBP23.5 billion in 2021
(Financial Times).
About Nuformix plc
Nuformix is a pharmaceutical development company using cocrystal
technology to unlock the therapeutic potential of approved small
molecule drugs. Nuformix' 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 containing a range 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 2008 and has invested
into pharmaceutical cocrystal R&D, establishing world-class
capability and know-how in cocrystal discovery and development,
yielding multiple product opportunities and revenues from products
under development in China with Newsummit. Nuformix plc shares are
traded on the London Stock Exchange's Official List under the
ticker: NFX.L.
This information is provided by RNS
The company news service from the London Stock Exchange
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