Nuformix plc

("Nuformix" or "the Group"),

Unaudited Half Year Results

for the six months ended 30 September 2019

Significant Progress in Lead Programmes

Cambridge, UK, 24 December 2019: Nuformix (LSE: NFX), the pharmaceutical development Group using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces the Group's unaudited results for the six months ended 30 September 2019.

Financial Highlights

·     Net assets at period end of £3,980,126 (2018: £4,616,176) which includes cash at bank of £132,764 (2018: £32,660).

·     Total revenue in the period of £535,000 (2018: £610,000).

·     Loss on ordinary activities in the period of £131,842 (2018: loss of £642,633) and the loss per share was 0.03p (2018: loss of 0.14p). The reported loss in 2019 included share-and warrant-based charges of £56,933 (2018: £765,667).

·     Successful placing on 23 December 2019 raising cash of £1.25 million before issue expenses.

Operational Highlights

·     Successful outcome of NXP001 pilot bioequivalence study

o  NXP001 programme completed in accordance with Newsummit Biopharma agreement

o  Additional out-licensing and development opportunities for NXP001 are currently under evaluation

·     Completion of Ebers Strategic Cannabinoid Development agreement

o  First patent filed from the collaboration and progress remains on track to deliver further milestones within the current financial year

·     NXP002 progression towards clinic

o  Partnerships in place to support development of NXP002 as an inhaled therapy for Idiopathic Pulmonary Fibrosis ("IPF") and IPF-induced cough

o  Discussions with development partners commenced

o  Assembling expert team to progress to patient studies

·     Pipeline Update

o  Continued growth of early-stage portfolio following discovery of new drug cocrystals with applications in fibrosis and oncology

o  NXP004 entered into pipeline for a new indication with a high unmet need

Commenting on the outlook, Dr Dan Gooding, CEO, Nuformix plc said: "We have achieved significant progress during the period, both operationally and within our lead programmes. Our results strongly validate the Group's strategy to retain low operational costs whilst generating revenues from both out-licensing and collaborative development. We have reached a significant milestone for our NXP001 programme and our attention now turns to NXP002 and progression towards the clinic and patients. Commercially, we look forward to further progress in our cannabinoid development agreement with Ebers whilst progressing out-licensing discussions with multiple parties for NXP002 and our wider portfolio."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

About Nuformix plc

Nuformix is a pharmaceutical development Group 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.

For further information please visit www.nuformix.com 

Half Year Report

Nuformix plc ("the Company") and its subsidiary (together, "the Group") is pleased to update shareholders regarding the Group's developments during the first half of the year ending 30 September 2019 and subsequent events to date in the second half.

Operational Highlights

·     NXP001

o  NXP001 programme completed in accordance with Newsummit Biopharma agreement

o  NSB has provided written confirmation of its intention to pay the remaining amounts owed

·     Completion of Ebers Strategic Cannabinoid Development agreement

o  Partnership with Ebers for cannabinoid therapeutics development, licensing and commercialisation for up to £51 million in upfront, R&D and milestone payments, plus long-term royalties of 20% of net sales

o  £535,000 income received year-to-date

o  First patent filed from the collaboration and progress remains on track to deliver further milestones within the current financial year

·     NXP002 progression towards clinic

o  Partnerships in place to support development of NXP002 as an inhaled therapy for Idiopathic Pulmonary Fibrosis (IPF) and IPF-induced cough

o  Discussions with development partners commenced

o  Assembling expert team to progress to patient studies

·     Continued pipeline development

o  Growth of early-stage portfolio following discovery of new drug cocrystals with applications in fibrosis and oncology

o  NXP004 entered into pipeline for a new indication with a high unmet need

Half Year Overview

The Group operates in the field of complex scientific research, specifically drug development through the use of cocrystallisation.

H1 2020 was a year of progress. The Group has focused all efforts and resources into progressing its lead programmes and successfully completed its first clinical development study for Nuformix's lead product NXP001, demonstrating rapid translation of its applications of cocrystal technology into human use in line with its strategy.

The Group is developing an innovative pipeline of products using its cocrystal technology platform. This exciting platform can unlock the potential of existing small molecule drugs for new uses in areas of high unmet medical need. Nuformix is working with drugs already shown to be safe and accesses existing pre-clinical and clinical data to progress its programmes. This approach significantly de-risks the traditional biopharma business model by enabling dramatically accelerated entry into clinical trials at reduced cost with drug safety already demonstrated.

The Group is focused on creating value from its growing intellectual property portfolio. It aims to out-licence lead programmes after proof-of-concept studies and to reinvest revenue into its pipeline to maximise mid- to long-term shareholder value. IP licensing and collaborative development revenues are sufficient to fund further pipeline development into 2021 thereby maximising shareholder value.

Nuformix is operating under a lean burn business model as a semi-virtual organisation. The discovery of new cocrystals is conducted in-house, with onward development then managed through external expert CROs to minimise costs. Speed is a key differentiator in clinical development; known drug compounds allow for shorter clinical trial pathways with known approval hurdles at lower cost.

During H1 2020 the Group has completed a significant new deal, generated revenues and hit important milestones within its partnerships, with further payments expected to come in H2 2020.

As a result, the Group is able to report net assets at period end of £3,980,126 (2018: £4,616,176) which includes cash at bank of £132,764 (2018: £32,660). Total revenue in the period is £535,000 (2018: £610,000). Loss on ordinary activities in the period is £131,842 (2018: loss of £642,633) and which in 2019 included share- and warrant-based charges of £56,933 (2018: £765,667). The loss per share is 0.03p (2018: loss of 0.14p).

Team

During the period, the Group has begun to broaden and strengthen its team as it prepares to commence clinical activities in IPF, with Dr Muhunthan Thillai joining the Group's Advisory Panel. This addition provides the Group with invaluable experience in the design and execution of clinical studies in IPF.

Outlook

Going forward the Group expects an exciting H2 2020. The first major milestone for this year has already been achieved following the successful completion of the first clinical trial with NXP001, validating the Group's platform and demonstrating it can rapidly translate its applications of cocrystal technology into human use.

The pre-clinical and clinical data generated for NXP001 completes Nuformix's activities within the programme in accordance with its agreement with Newsummit Biopharma and Nuformix has received written confirmation of Newsummit Biopharma's intention to pay the amounts owed as part of ongoing discussions to extend its working relationship with the Group. Nuformix continues to explore additional development opportunities within oncology supportive care programmes with discussions at an early stage with additional development partners.

A second major achievement for the year involves the deal with Ebers Tech Inc to develop cannabinoid cocrystals covering a wide range of cannabinoid molecules and potential indications. The deal has brought in immediate revenue, with further payments driven by on-going research activities, patent filings and pre-clinical milestones. Multiple cannabinoids are currently under development using Nuformix's technology platform. Income from Ebers-related activities continues to support Nuformix's low operating costs. After the period, Ebers raised an undisclosed sum to support the development of products emerging from this collaboration which are at an early stage whilst Nuformix and Ebers focus on securing further IP.

In fibrosis, the Group has recently announced its intentions to develop NXP002 as a potential inhaled therapy for IPF and IPF-induced cough, an untreated side effect of IPF that severely affects over 80 per cent of patients. Inhaled IPF treatment offers the prospect of reduced competition, increased efficacy and reduced side effects; overall a more commercially attractive product. The inclusion of IPF-induced cough reduces development risk with proof-of-concept demonstrated. Nuformix will continue to work with its advisors and partners to finalise its overall clinical development strategy. The Group aims to secure development partnerships that will accelerate its path to clinic and inflection points in its key fibrosis programmes.

After the period, the Group announced completion of a placing to raise £1.25 million before expenses, allowing Nuformix to strengthen its overall position during negotiations for NXP002 and accelerate progress within two promising programmes following recent research results. Funds from the Placing will allow Nuformix to drive progress in its NXP002 and NXP004 programmes.

NXP004 is a new breakthrough entry to the Nuformix pipeline and is based on a recently approved targeted oncology therapy currently experiencing significant sales growth. The Group has identified innovative applications for NXP004 in multiple new indications with high unmet needs. Placing proceeds will be used to fast-track NXP004 research and development activities, generating data to secure patent protection and further validate the envisaged applications, thus supporting commencement of commercial discussions.

The validation in clinic established for our underlying technology, the subsequent de-risking of Nuformix's growing pipeline and the completion of the Ebers deal confirm our business model is working to deliver significant growth in shareholder value in 2019/2020.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

Nuformix plc

Dr Dan Gooding, Chief Executive Officer                                            +44(0)1223 423667

Nuformix plc

Unaudited Interim Results

Consolidated Income Statement and Statement of Comprehensive Income for the

Half Year Ended 30 September 2019

Nuformix plc

Registration number: 09632100

Unaudited Interim Results

Consolidated Statement of Financial Position as at 30 September 2019