has successfully completed a second development milestone for its NXP001 treatment, which has triggered a £500,000 payment from its Chinese licensing partner, Newsummit Biopharma (NSB).
Moreover, achieving a second milestone further validates Nuformix’s prototype NXP001 cocrystal formulations.
NXP001 is being developed as a treatment for chemotherapy-induced nausea and vomiting (CINV), a condition affecting around 70-80% of patients undergoing chemotherapy.
Shares in NFX are trading nearly 17% higher today at 6.95p following the news.
This payment brings the total sum NSB has paid Nuformix based on milestones to £1 million. An additional £2 million payment is expected, “dependant on relative human bioavailability results.”
Dr. Dan Gooding, CEO of Nuformix commented on the news, “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.”
And the steady march towards bringing NXP001 to market in China encapsulates NFX’s recent strategy to gain access to more international markets.
Last month, the company signed an agreement for the development, licensing and commercialisation of cannabinoid therapeutics with private Canadian company, Ebers Tech Inc, a deal containing up to £51 million of upfront R&D for NFX.
Hear more from CEO Dr. Dan Gooding on the company's asset and their strategy for commercialization in China
For more news and updates on Nuformix:
Tlou's Managing Director, Mr Tony Gilby said “The Company will now progress with additional work on the ground to deliver a Gas-to-Power solution that can bring significant benefits to the country and to our shareholders. I look forward to updating the market as we continue to develop the project."
Tone Goh, Executive Chairman of GST, commented: "The Company is delighted to have signed this LOI with SIAM. SIAM are one of Thailand's leading business groups and we look forward to working with them to progress this planned data centre project.”
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