Nuformix signs strategic agreement into Canadian cannabinoid sector
has signed an agreement for the development, licensing and commercialisation of cannabinoid therapeutics with private Canadian company, Ebers Tech Inc.
The agreement allows Ebers to use Nuformix’s technology platforms to bring a range of therapeutic cannabinoid products to market for consumer product and pharmaceutical applications. The deal also contains up to £51 million of upfront R&D and milestone payments as well as long-term royalties of 20% of net sales.
Nuformix is now set to receive a “significant upfront payment.” The company also believes it will earn up to £1 million in further R&D and early-stage milestone payments in 2019.
Following the news, Nuformix has seen an over 30% jump in share prices.
Moving forward, pre-clinical and clinical milestone payments are expected in 2020 and 2021. Nuformix will be oversee early-stage R&D activities; that responsibility will shift to Ebers in late-stage development, clinical programmes, and commercialisation.
A move into the cannabinoid space is not all too surprising for Nuformix, as their guiding principle is to repurpose approved drugs for unmet medical needs-- and clinching a seat at the Canadian cannabinoid table is certainly a good starting point.
Nuformix’s CEO Dr. Dan Gooding emphasised the company’s suitability to the cannabinoid market: “We are very pleased to have finalised this partnership agreement in the cannabinoid space.
Nuformix specialises in a range of solid-form technologies and related IP aspects that are optimal for application to the cannabinoid family of molecules - the ability to improve therapeutic performance whilst generating robust new patent protection.”
Hear more from Dr. Dan Gooding on Nuformix's lead asset and their growing role in China
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