Nuformix PLC NXP001 (Oncology) - Exercise of Option by Oxilio (9432S)
March 22 2021 - 2:00AM
UK Regulatory
TIDMNFX
RNS Number : 9432S
Nuformix PLC
22 March 2021
Nuformix plc
("Nuformix", the "Company" or the "Group")
NXP001 (Oncology) - Exercise of Option by Oxilio
London, UK - 22 March 2021: Nuformix plc (LSE:NFX), a
pharmaceutical development company targeting unmet medical needs in
fibrosis and oncology via drug repurposing, is pleased to announce
that Oxilio Ltd ("Oxilio") has exercised its option to acquire a
licence for NXP001 (a proprietary new form of aprepitant) for
oncology indications.
-- On 23 September 2020, Nuformix granted an exclusive option to
Oxilio, a private pharmaceutical development company, to license
NXP001 globally for oncology indications. This triggered the first
upfront payment and the option period ran until 23 March 2021
-- Nuformix and Oxilio will now work together to finalise a
global licensing agreement for NXP001. Once this has been agreed,
this will trigger a second undisclosed upfront payment, payable to
Nuformix. Under this agreement, Nuformix will license its patent
estate and know-how on NXP001 in return for development milestone
payments and a royalty on any future net sales, capped at GBP2m per
annum
Dr Anne Brindley, CEO of Nuformix, said:
"We are very pleased that Oxilio has exercised its option for
NXP001, allowing them to continue the development of NXP001 in
oncology. We will now look to finalise the licensing agreement with
Oxilio that will provide Nuformix with near term revenue and an
opportunity to benefit from the upside of the significant global
oncology market. This successful outcome endorses the Nuformix
strategy of identifying new improved forms of existing drugs for
repurposing into new indications with early-stage licensing during
the pre-clinical or Phase 1 stages of development."
Dr Simon Yaxley, Co-Founder and Director of Oxilio said:
"Exercising our option gives us the opportunity to continue to
develop NXP001 in line with our approach to optimise the delivery
of our drug for the effective treatment of certain cancers. We look
forward to continuing our collaboration with Nuformix to realise
the huge potential of this approach."
Enquiries:
Nuformix plc
Dr Anne Brindley, CEO
Fleur Wood, Investor Relations
+44 (0)1223 627222
Allenby Capital Limited
Tim Sohal / Matt Butlin (Sales and Corporate
Broking)
Nick Athanas / George Payne (Corporate Finance) +44 (0)203 328 5656
About NXP001
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. Nuformix discovered new forms of aprepitant
(NXP001) with improved properties and it has granted patents on its
new forms.
About NXP001 and Oxilio
Oxilio will develop and seek to exploit NXP001 globally for the
treatment of cancer. Cancer is one of the world's primary causes of
death. The total worldwide annual economic cost of cancer is
substantially in excess of US$1 trillion. Traditional cancer
treatments such as surgery, chemotherapy and radiotherapy are
expensive and often have debilitating consequences for the patient.
Costs of cancer drug treatments are also increasing, in large part
due to the expense of taking new drugs through clinical trials
where historically there is a very low rate of success. Therefore,
there is an urgent need to develop safe, effective, and readily
available anticancer agents.
Oxilio is focused on alleviating the current dilemma of a
shortage of effective drug candidates that have potential as new
cancer therapies, by adopting a drug repurposing strategy
(identifying new uses for approved or investigational drugs that
are outside the scope of the original medical indication). The
major advantage of this approach is that the pharmacokinetics,
pharmacodynamics and toxicity profiles of these drugs are already
reasonably well established. Thus, drug repurposing is a less risky
development route with substantially lower associated development
costs. The agreement with Nuformix allows Oxilio to focus on
developing rapidly a unique formulation and dosage form with NXP001
and progressing into the clinic.
Oxilio is a privately held pharmaceutical development company
focused on repurposing known drugs for the treatment of cancer
through a programme of corporate alliances coupled with rapid proof
of concept clinical development.
For more information, please visit www.oxilio.co.uk.
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.
For more information, please visit www.nuformix.com .
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