TIDMNFX
RNS Number : 5107V
Nuformix PLC
14 December 2021
Nuformix plc
("Nuformix", the "Company" or the "Group")
Half year Report
14 December 2021: Nuformix plc (LSE: NFX), a pharmaceutical
development company targeting unmet medical needs in fibrosis and
oncology via drug repurposing, announces its unaudited results for
the six months ended 30 September 2021.
Operational highlights (including post-period end)
-- Gross proceeds of GBP1.565 million (net GBP1.4 million) raised
from the placing of new ordinary shares in March 2021 have
been used to fund R&D work to advance the pipeline assets
of NXP002 (pre-clinical stage) and NXP004 (research phase)
-- Successfully performed a number of pre-clinical studies on
NXP002, which is the lead asset being developed for the treatment
of Idiopathic Pulmonary Fibrosis ("IPF"), to generate a robust
data package. Studies on the technical feasibility of inhalation
and the pharmacokinetic / pharmacodynamic profile of NXP002
after inhalation in the rat have, in the opinion of the Company's
Directors, been positive to date and endorse the further
progression of this asset. The final study in the data package
on the durability of the pharmacodynamic response is expected
to readout in early 2022
-- NXP002 patent application granted in the USA, which is the
most important territory for IPF
-- Filed a US patent application on 10 November 2021 in relation
to NXP004, that represents new forms of a blockbuster oncology
drug, which has identified a new family of co-crystals with
benefits over the original drug
-- Licensing agreement signed with Oxilio Ltd on 10 September
2021 for the development and commercialisation of NXP001
for oncology indications
-- Leadership team enhanced with the appointment of Dr Alastair
Riddell as Non-Executive Chairman (with post-period appointment
as Executive Chairman from 1 December 2021), who brings significant
pharma and biotech experience in R&D, corporate development
and general leadership
-- Dr Anne Brindley (CEO) resigned in July 2021 and will be
leaving the Company at the end of her six-month notice period.
Dr Joanne Holland resigned as a director and left the Company
as an employee at the end of May 2021 but has continued as
a consultant advising on physical form science and research
Financial Highlights
-- Total revenue of GBP50,000 (30 September 2020: GBP195,550)
-- Loss before tax GBP449,022 (30 September 2020: loss of GBP475,874)
-- Loss on ordinary activities (after tax credit) of GBP449,022
(30 September 2020: loss of GBP474,659)
-- Loss per share 0.08p (30 September 2020: 0.10p)
-- Net assets of GBP5,250,968 (30 September 2020: GBP4,301,236)
including GBP1,071,831 of cash and cash equivalents (30 September
2020: GBP216,412)
Dr Alastair Riddell, Executive Chairman of Nuformix, said: "The
new positive data sets on NXP002, patent progress on NXP004 and the
licensing deal for NXP001 form the basis for further value creation
in the next 12 months. Both our current lead assets address
billion-dollar markets in fibrosis and oncology. The results have
given the Board the confidence to progress further work on our
products and investment in additional business development resource
for the Company."
Dr Anne Brindley, CEO of Nuformix, said: "We have made
significant progress on all three of our assets including
successfully completed the licensing deal for NXP001 with Oxilio,
as well as significantly advancing the data package on NXP002 that
has shown positive data to date and filing a new patent application
on NXP004. We have achieved this with very prudent use of funds
ensuring the Company is on a firm financial footing for the
foreseeable future. Although regretfully I am moving on from
Nuformix, I remain very optimistic that Nuformix has assets of
value that the Group can advance to further develop the company and
I wish the Board and the company much success in these
endeavours."
Enquiries:
Nuformix plc via Walbrook
Dr Alastair Riddell, Executive Chairman
Dr Anne Brindley, CEO
Allenby Capital Limited +44 (0) 20 3328 5656
Nick Athanas / George Payne (Corporate
Finance)
Stefano Aquilino / Matt Butlin (Sales
and Corporate Broking)
Walbrook PR nuformix@walbrookpr.com
or
+44 (0)20 7933 8780
Anna Dunphy / Phillip Marriage Tel: +44 (0)7876 741 001
/
+44 (0)7867 984 082
About Nuformix
Nuformix is a pharmaceutical development company targeting unmet
medical needs in fibrosis and oncology via drug repurposing. The
Company aims to use its expertise in discovering, developing and
patenting novel drug forms, with improved physical properties, to
develop new products in new indications that are, importantly,
differentiated from the original (by way of dosage, delivery route
or presentation), thus creating new and attractive commercial
opportunities. Nuformix has an early-stage pipeline of preclinical
and Phase 1-ready assets with potential for significant value and
early licensing opportunities.
Nuformix plc shares are traded on the London Stock Exchange's
Official List under the ticker: NFX. For more information, please
visit www.nuformix.com .
Executive Chairman's statement
Operational review
NXP002 (new form of tranilast) - Idiopathic Pulmonary Fibrosis
(IPF)
NXP002 is the Group's pre-clinical lead asset and a potential
novel inhaled treatment for IPF. It is a proprietary, new form of
the drug tranilast, to be delivered in an inhaled formulation. IPF
is a devastating lung disease associated with a higher mortality
rate than many cancers and where there is a need for additional
treatment options. Thus IPF represents a high unmet medical need
and a significant commercial opportunity. Tranilast has a long
history of safe use as an oral drug for allergies but there is
evidence that supports its potential in fibrosis, including IPF.
NXP002 is differentiated as it is a new form of tranilast that is
being formulated for delivery direct to the lungs by inhalation, a
new route of administration for this drug. The inhalation route is
a well-known strategy for treatment of lung diseases to yield
greater efficacy and reduce systemic side-effects compared to oral
treatment. Nuformix has filed two patent applications on new forms
of tranilast, one of which is granted globally and a second has
been issued (granted) in the USA. The positioning of such an
inhaled treatment for IPF could be either added to standard of care
or administered as a monotherapy.
Within the last six months, since the fundraise in March 2021,
the Group has utilised these proceeds to generate a robust data
package with the goal of increasing the value of this asset and
rendering it more attractive to licensing partners. The Company has
successfully progressed studies on NXP002 as follows:
-- Manufactured a supply of the active ingredient NXP002 to be
used in formulation development activities, nebulisation feasibility
studies and in vivo studies
-- Progressed formulation and nebulisation studies and demonstrated
that it is feasible to formulate NXP002 into a simple and
stable solution which has suitable properties for delivery
via nebulisation. The data generated on these formulations
also show that the drug can be efficiently delivered in the
right particle size range for lung delivery using off-the-shelf
and commonly used nebuliser devices. Thus, the Directors of
the Company believe that the delivery of NXP002 by nebulisation
is feasible
-- Progressed several in vivo pharmacokinetic and pharmacodynamic
studies of NXP002 formulated as a solution for inhalation
(nebulisation) and delivered to the rat
-- The first of the in vivo studies evaluated the
pharmacokinetics
of NXP002 when delivered by nebulisation to rats.
This
study demonstrated that NXP002 can be efficiently
delivered
to the lung, achieving significant drug levels,
whilst
limiting systemic exposure compared to oral dosing
-- The second in vivo study evaluated the
pharmacodynamics
of NXP002 when delivered by nebulisation. This
study
showed that inhaled NXP002 could dose-dependently
regulate
the production of fibrosis-relevant mediators
-- The final planned study as part of the NXP002 pre-clinical
data package is an in vivo study investigating the durability
of the pharmacodynamic effect. This study is ongoing and the
Company anticipates receiving the data for this study in early
2022.
Overall, the Board is encouraged by the progress of the studies
and the positive data generated to date and is considering next
steps, including potential further R&D studies to add further
value and licensing activities.
NXP001 (new form of aprepitant) - Oncology
NXP001 is a proprietary new form of the drug aprepitant that is
currently marketed as a product in the oncology supportive care
setting (chemotherapy induced nausea and vomiting). A disadvantage
of aprepitant is that its sub-optimal properties necessitate a
complex formulation. The Group has discovered new forms of
aprepitant (NXP001) with improved properties and it has been
granted patents on these new forms. Literature data suggests that
aprepitant could have benefits in oncology, i.e., beyond the
currently marketed indications.
To date, the Group has conducted preclinical studies and a Phase
1 study, which demonstrated bioavailability of NXP001, similar to
the marketed product but without requiring a complex formulation.
Further refinement of the formulation will be required ahead of
initiating any future Phase 1 studies.
On 23 September 2020, Oxilio, a privately held pharmaceutical
development company, was granted a six-month option to license
NXP001 globally for repurposing in oncology. On 23 March 2021,
Oxilio exercised the option and on 10 September 2021 a global
license deal was executed. As a result, Nuformix has licensed its
patent estate and know-how on NXP001 in return for an upfront
payment, development milestones and a royalty on net sales, capped
at GBP2 million per annum.
NXP004 (new forms of undisclosed drug) - Oncology
The Group has discovered novel forms of an undisclosed marketed
oncology drug that is approved globally for the treatment of
several cancers, which has significant sales (more than GBP1
billion per annum in 2020) and is showing further sales growth. The
Group filed one patent application in September 2020 on new forms
of this drug and has utilised certain of the proceeds from the
March 2021 placing to do further research on novel forms. This
research has been successful, identifying a new family of
co-crystal forms and on 10 November 2021, post period, the Company
filed a second patent application. This application complements the
previous patent application on NXP004 co-crystals, thus expanding
the Company's intellectual property portfolio. If the patent
applications on these new forms are granted, there is potential for
patent expiry to extend to 2040/2041. The Group will seek to
license NXP004 to the originator of the marketed drug to
potentially extend their patent protection, thus potentially adding
significant value for the originator.
Board changes
In the period from April 2021 to September 2021 a number of
Board changes have occurred:
-- May 2021 - appointment of Dr Alastair Riddell as Non-Executive
Chairman, replacing Dr Chris Blackwell who resigned in February
2021
-- May 2021 - resignation of Dr Karl Keegan as Non-Executive
Director
-- May 2021 - resignation of Dr Joanne Holland as Chief Scientific
Officer; however, Joanne remains a consultant to Nuformix
and is supporting physical form research and science on Nuformix
assets
-- July 2021 - resignation of Dr Anne Brindley as CEO. Anne
has continued to work for the Company through her six-month
notice period
On 1 December 2021 Dr Alastair Riddell was appointed as
Executive Chairman to ensure there is a suitable executive in place
for when Anne Brindley leaves the Company.
Outlook
The success of the fundraise earlier in the year has enabled the
Company to continue to advance and exploit the current assets
within the portfolio through additional R&D and business
development activities as set out above. R&D studies have
progressed successfully on both NXP002 and NXP004, while business
development activities secured the license agreement for NXP001 and
therefore good progress has been made on all fronts. Moreover, the
successful fundraise has provided a good cash runway for the
Company to fund limited operations for the foreseeable future.
The strategy of the Group is to continue to increase the value
of its existing assets while maintaining tight control of costs,
including conducting business development / licensing activities
using a structured and data-driven approach, with the goal of
seeking global licensing deals. The positive data from the R&D
studies performed in the last six months has increased the Board's
confidence that the Nuformix assets have significant value and thus
further investment in and progression of these assets are
warranted.
Financial Review
In the first half of the financial year, the Board has continued
to focus expenditure on R&D activities that add value to the
current assets while optimising the operation to minimise
administrative expenditure and the operational cost-base. Revenue
was received from the second instalment of the upfront payment from
Oxilio on execution of the full licensing agreement for NXP001.
Dr Alastair Riddell
Executive Chairman
14 December 2021
Nuformix plc
Unaudited Interim Results
Consolidated Income Statement and Statement of Comprehensive
Income for the six months ended 30 September 2021
6 months 6 months
ending ending Year ending
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
Note GBP GBP GBP
Revenue 50,000 195,550 195,550
Cost of sales (1,695) (115,507) (62,307)
-------------- --------------- --------------
Gross profit 48,305 80,043 133,243
Total administrative expenses (497,327) (554,822) (1,507,221)
Other operating income - 1,300 1,300
-------------- --------------- --------------
Operating loss (449,022) (473,479) (1,372,678)
Finance costs - (2,395) (3,054)
-------------- --------------- --------------
Loss before tax (449,022) (475,874) (1,375,732)
Income tax receipt - 1,215 122,235
Loss for the period and total
comprehensive income for the
period (449,022) (474,659) (1,253,497)
============== =============== ==============
Loss per share - basic and
diluted 4 0.08p 0.10p 0.22p
Nuformix plc
Registration number: 09632100
Unaudited Interim Results
Consolidated Statement of Financial Position as at 30 September
2021
30 September 30 September 31 March
2021 2020 2021
Note Unaudited Unaudited Audited
GBP GBP GBP
Assets
Non-current assets
Property, plant and equipment 5 698 64,661 957
Intangible assets 6 4,168,640 4,225,381 4,186,868
4,169,338 4,290,042 4,187,825
------------- ------------- ------------
Current assets
Trade and other receivables 53,663 88,956 32,260
Income tax asset 121,020 - 121,020
Cash and cash equivalents 1,071,831 216,411 1,669,780
1,246,514 305,368 1,823,060
------------- ------------- ------------
Total assets 5,415,852 4,595,410 6,010,885
============= ============= ============
Equity and liabilities
Equity
Share capital 7 591,609 490,145 591,609
Share premium 6,384,835 4,480,400 6,384,835
Merger relief reserve 10,950,000 10,950,000 10,950,000
Reverse acquisition reserve (8,005,195) (8,005,195) (8,005,195)
Share option reserve 2,019,681 1,847,988 2,005,952
Retained earnings (6,689,962) (5,462,102) (6,240,940)
------------- ------------- ------------
Total equity 5,250,968 4,301,236 5,686,261
------------- ------------- ------------
Current liabilities
Trade and other payables 164,884 243,846 324,624
Loans and borrowings 0 50,328 0
------------- ------------- ------------
164,884 294,174 324,624
Total equity and liabilities 5,415,852 4,595,410 6,010,885
============= ============= ============
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Changes in Equity for the six months
ended 30 September 2021
Share Share Merger Reverse Share Retained Total
capital premium Relief acquisition option earnings GBP
GBP GBP Reserve reserve reserve GBP
GBP
GBP
At 31 March 2020 490,145 4,480,400 10,950,000 (8,005,195) 1,814,613 (4,987,443) 4,742,520
Loss for the half-year
and total - - - - - (474,659) (474,659)
comprehensive loss
Issue of share capital
Share and warrant
based - -
payment - - - - 33,375 - 33,375
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
As at 30 September
2020 490,145 4,480,400 10,950,000 (8,005,195) 1,847,988 (5,462,102) 4,301,236
Loss for the half-year
and total
comprehensive
loss - - - - - (778,838) (778,838)
Issue of share capital 101,464 2,113,535 - - - - 2,214,999
Share issue costs (209,100) (209,100)
Share and warrant based
payment - - - - 157,964 - 157,964
-
- - - - - -
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
At 31 March 2021 591,609 6,384,835 10,950,000 (8,005,195) 2,005,952 (6,240,940) 5,686,261
Loss for the half-year
and total
comprehensive
income - - - - - (449,022) (449,022)
Share and warrant based
payment - - - - 13,729 - 13,729
--------- ----------- ------------ ---------------------- ----------- ------------------ -----------
As at 30 September
2021 591,609 6,384,835 10,950,000 (8,005,195) 2,019,681 (6,689,962) 5,250,968
========= =========== ============ ====================== =========== ================== ===========
Nuformix plc
Unaudited Interim Results
Consolidated Statement of Cash Flows for the six months ended 30
September 2021
6 months 6 months
ending ending Year Ended
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP GBP GBP
Cash flows from operating activities
Loss for the year (449,022) (474,659) (1,253,497)
Adjustments to cash flows from non-cash
items
Depreciation and amortisation 18,488 41,337 93,052
Loss on disposal of plant, property and
equipment - - 6,179
Finance costs/ (income) - 2,395 3,054
Income tax expense - - (122,235)
Share and warrant based payment 13,729 33,375 191,339
(416,805) (397,552) (1,082,108)
Working capital adjustments
(Increase) decrease in trade and other
receivables (21,403) (9,460) 47,237
Increase (decrease) in trade and other
payables (159,740) (89,739) 16,099
-------------- --------------- -------------
Cash generated from operations (597,948) (496,751) (1,018,772)
Income taxes (paid)/received 172,391 173,606
-------------- --------------- -------------
Net cash flow from operating activities (597,948) (324,360) (845,166)
Cash flows from investing activities
Acquisitions of property plant and equipment - (605) (605)
Disposals of property plant and equipment - - 44,322
Net cash flows from investing activities - (605) 43,717
-------------- --------------- -------------
Cash flows from financing activities
Proceeds of share issue - - 2,005,899
Interest paid (2,395) (3,054)
Reduction in other loans - - (75,388)
Net cash flows from financing activities - (2,395) 1,927,457
-------------- --------------- -------------
Net (decrease)/increase in cash and cash
equivalents (597,948) (327,360) 1,126,008
Cash and cash equivalents at start of
period 1,669,780 543,772 543,772
Cash and cash equivalents at end of period 1,071,832 216,412 1,669,780
-------------- --------------- -------------
Nuformix plc
Unaudited Interim Results
Notes to the Consolidated Financial Statements for the six
months ended 30 September 2021
1. Basis of preparation of interim financial information
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Accounting Standards as endorsed by the UK
Endorsement Board ("IAS").
On 31 December 2020, IFRS as adopted by the European Union at
that date was brought into UK law and became UK-adopted
International Accounting Standards, with future changes being
subject to endorsement by the UK Endorsement Board. The Group
transitioned to UK-adopted International Accounting Standards in
its consolidated financial statements on 1 April 2021. Whilst this
change constitutes a change in accounting framework, there is no
impact on recognition, measurement or disclosure.
The consolidated interim financial statements are unaudited and
do not constitute statutory accounts within the meaning of Section
434 of the Companies Act 2006. Statutory accounts for the year
ended 31 March 2021, prepared in accordance with IAS, have been
filed with the Registrar of Companies. The Auditors' Report on
these accounts was unqualified and included a reference to which
the Auditors drew attention by way of an emphasis of matter,
without qualifying their report, that a material uncertainty
existed that might cast significant doubt on the Group's ability to
continue as a going concern at that time. The Auditors' Report did
not contain any statements under section 498 of the Companies Act
2006.
The consolidated interim financial statements are for the 6
months to 30 September 2021.
The consolidated interim financial information does not include
all the information and disclosures required in the annual
financial statements, and should be read in conjunction with the
group's annual financial statements for the year ended 31 March
2021, which were prepared in accordance with IFRS as adopted by the
European Union. As explained above, although this was a different
accounting framework, there is no impact on recognition,
measurement or disclosure.
2. Basis of consolidation
On 16 October 2017 the Company acquired the entire issued
ordinary share capital of Nuformix Technologies Limited and became
the legal parent of Nuformix Technologies Limited. The accounting
policy adopted by the Directors applies the principles of IFRS 3
(Revised) "Business Combinations" in identifying the accounting
parent as Nuformix Technologies Limited and the presentation of the
Group consolidated statements of the Company (the legal parent) as
a continuation of financial statements of the accounting parent or
legal subsidiary (Nuformix Technologies Limited).
3. Going concern
The consolidated interim financial statements have been prepared
on the going concern basis of preparation which, inter alia, is
based on the directors' reasonable expectation that the Group has
adequate resources to continue to operate as a going concern for at
least twelve months from the date of their approval. In forming
this assessment, the directors have prepared cashflow forecasts
covering the period ending 31 March 2023 which take into account
the likely run rate on overheads and research expenditure and the
prudent expectations of income from its lead programmes.
Whilst there can be no guarantee of the successful outcome of
future trials, in compiling the cashflow forecasts the directors
have made cautious estimates of the likely outcome of such trials,
when income might be generated and have considered alternative
strategies should projected income be delayed or fail to
materialise. These strategies include postponing non-committed
research expenditure, securing alternative licensing arrangements
from those currently planned and using the Group's established
network for fundraising.
These circumstances indicate the existence of a material
uncertainty which may cast significant doubt on the Group's ability
to continue as a going concern. The consolidated interim financial
statements do not include any adjustments that would result if the
company or Group was unable to continue as a going concern.
After careful consideration, the directors consider that they
have reasonable grounds to believe that the Group can be regarded
as a going concern and, for this reason, they continue to adopt the
going concern basis in preparing the consolidated interim financial
statements.
4 Loss per Share
Loss per share is calculated by dividing the loss after tax
attributable to the equity holders of the Group by the weighted
average number of shares in issue during the period.
The basic earnings per share for each comparative period is
calculated by dividing the loss in each of those periods by the
legal entity's historical weighted average number of shares
outstanding.
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP GBP GBP
Loss after tax (449,022) (474,659) (1,253,497)
Weighted average number of shares 591,609,368 490,145,083 580,629,372
Basic and diluted loss per share 0.08p 0.10p 0.22p
5. Property, Plant and
Equipment Leasehold Computer Laboratory
improvements equipment equipment Total
GBP GBP GBP GBP
Cost or valuation
At 31 March 2020 113,618 17,633 17,084 148,335
Additions - 605 - 605
--------------- ------------ ------------- ----------
At 30 September 2020 113,618 18,238 17,084 148,940
Disposals (113,618) (16,677) (17,084) (147,379)
--------------- ------------ ------------- ----------
At 31 March 2021 - 1,561 - 1,561
At 30 September 2021 - 1,561 - 1,561
--------------- ------------ ------------- ----------
Depreciation
At 31 March 2020 42,950 12,751 9,722 65,423
Charge 15,521 2,145 1,190 18,856
--------------- ------------ ------------- ----------
At 30 September 2020 58,471 14,896 10,912 84,279
Charge 11,846 917 439 13,202
Eliminated on disposal (70,317) (15,209) (11,351) (96,877)
--------------- ------------ ------------- ----------
At 31 March 2021 - 604 - 604
Charge - 259 - 259
--------------- ------------ ------------- ----------
At 30 September 2021 - 863 - 863
--------------- ------------ ------------- ----------
Carrying amount
At 30 September 2020 55,147 3,342 6,172 64,661
=============== ============ ============= ==========
At 31 March 2021 - 957 - 957
=============== ============ ============= ==========
At 30 September 2021 - 698 - 698
=============== ============ ============= ==========
6. Intangible Assets
Goodwill Patents Total
GBP GBP GBP
Cost
At 31 March 2020 4,023,484 449,611 4,473,095
----------- ---------- ----------
At 30 September 2020 4,023,484 449,611 4,473,095
----------- ---------- ----------
At 31 March 2021 4,023,484 449,611 4,473,095
----------- ---------- ----------
At 30 September 2021 4,023,484 449,611 4,473,095
=========== ========== ==========
Amortisation
At 31 March 2020 - 225,233 225,233
Amortisation charge - 22,481 22,481
----------- ---------- ----------
At 30 September 2020 - 247,714 247,714
Amortisation charge - 38,513 38,513
----------- ---------- ----------
At 31 March 2021 - 286,227 286,227
Amortisation charge - 18,228 18,228
----------- ---------- ----------
At 30 September 2021 - 304,455 304,455
=========== ========== ==========
Net book value
At 30 September 2020 4,023,484 201,897 4,225,381
----------- ---------- ----------
At 31 March 2021 4,023,484 163,384 4,186,868
----------- ---------- ----------
At 30 September 2021 4,023,484 145,156 4,168,640
----------- ---------- ----------
For impairment testing purposes, management consider the
operations of the Group to represent a single cash-generating unit
("CGU") focused on research and development. Consequently, the
goodwill is effectively allocated and considered for impairment
against the business as a whole being the single CGU.
7. Share Capital
Allotted, called up and fully paid shares
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
No. GBP No. GBP No. GBP
--------------- ------------ --------------- ------------ -------------------- ----------------
Ordinary shares
of GBP0.001
each 591,609,368 591,609 490,145,083 490,145 591,609,368 591,609
--------------- ------------ --------------- ------------ -------------------- ----------------
8 Share Options and Warrants
The Group operates share-based payments arrangements to
remunerate directors and key employees in the form of a share
option scheme. Equity-settled share-based payments are measured at
fair value (excluding the effect of non-market-based vesting
conditions) at the date of grant. The fair value determined at the
grant date of the equity-settled, share-based payments and is
expensed on a straight-line basis over the vesting period, based on
the Group's estimate of shares that will eventually vest and
adjusted for the effect of non-market based vesting conditions.
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been
prepared in accordance with UK adopted IAS 34 'Interim Financial
Reporting';
2. the interim management report includes a fair review of the information required by:
2.1. DTR 4.2.7R of the Disclosure Guidance and Transparency
Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact
on the condensed set of financial statements; and a description of
the principal risks and uncertainties for the remaining six months
of the year; and
2.2. DTR 4.2.8R of the Disclosure Guidance and Transparency
Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have
materially affected the financial position or performance of the
entity during that period; and any changes in the related party
transactions described in the last annual report that could do
so.
The directors of Nuformix plc are listed in the Group's 2021
Annual Report and Accounts and the current board are set out on the
Investors Information section of Nuformix's website at: Investors
Information - Nuformix
Dr Alastair Riddell
Executive Chairman
Further copies of this document are available from the company's
registered address and will be available on the company's website
later today.
Nuformix plc
Registration number: 09632100
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