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20 September 2024
Nuformix
plc
("Nuformix" or the "Company" or the "Group")
£300,000
Fundraise
Nuformix plc (LSE:NFX), a
pharmaceutical development company targeting unmet medical needs in
fibrosis and oncology via drug repurposing,
announces a conditional placing (the "Placing") and
subscription (the "Subscription") to raise gross proceeds of
£300,000 through the issue of 600,000,000 new ordinary shares in
the capital of the Company at a price of 0.05 pence per share (the
"Issue Price") (the "Fundraise").
The net proceeds of the Fundraise
will be used by the Company primarily to drive forward partnering
discussions for its NXP002 programme, an inhaled treatment for
idiopathic pulmonary fibrosis ("IPF") and progressive pulmonary
fibrosis ("PPF"), as well as to provide funding for general
corporate purposes.
The Fundraise and issue of the New
Ordinary Shares are subject to the fulfilment of the following
conditions ("Conditions"): (i) approval by the Financial Conduct
Authority ("FCA") and publication by the Company of a prospectus;
(ii) shareholder approval at a general meeting to be convened in
due course (the "General Meeting"); (iii) there being no breach of
the obligations under the placing agreement entered into between
CMC Markets UK Plc ("CMC Markets") and the Company prior to
Admission; and (iv) admission of the Placing Shares to trading on
the Main Market of the London Stock Exchange ("Admission") becoming
effective.
The Issue Price is below the 0.1
pence nominal value of the existing ordinary shares and, under the
Companies Act 2006, a company is unable to issue shares at a
subscription price which is less than the nominal value. The
Directors will therefore propose a share capital reorganisation
("Reorganisation") at the General Meeting in order that the nominal
value of the ordinary shares following the Reorganisation will be
equal to the Issue Price ("New Ordinary Shares"). Details of the
Reorganisation will be set out in the prospectus.
Application will be made to the
London Stock Exchange for the New Ordinary Shares to be admitted to
trading on the Main Market of the London Stock Exchange and the
equity shares (transition) category the FCA Official List assuming
the conditions are met.
The Company and its advisers are
finalising the prospectus and, following FCA approval, anticipate
being able to release a further update regarding the timetable,
including a date for the General Meeting.
CMC Markets trading as CMC CapX,
acted as the Company's sole placing agent in respect of the
Placing.
Details of the Fundraise
The Fundraise comprises a Placing
of 440,000,000 New
Ordinary Shares (the "Placing Shares") and a Subscription for
160,000,000 New Ordinary Shares at the Issue Price .
The Issue Price represents a
discount of approximately 68 per cent. to the closing mid-market
price of 0.155 pence of an Ordinary Share on 19 September 2024,
being the latest practicable date prior to the publication of this
announcement. If issued, the Fundraising Shares will
represent approximately 42 per cent of the enlarged share capital
of the Company and will rank pari
passu with the existing ordinary shares.
The Placing was arranged by CMC
Markets. The Company has also agreed to issue 26,400,000
'broker' warrants to CMC Markets, giving them the right to acquire
such number of New Ordinary Shares at an exercise price of 0.05
pence for a period of two years from the date of
Admission.
Director Subscriptions
As part of the Subscription and
subject to the satisfaction of the Conditions each of the Company's
Directors have agreed to subscribe for the following New Ordinary
Shares at the Issue Price which will constitute related party
transactions:
|
Name
|
Position
|
Ordinary shares subscribed for
|
% of
enlarged share capital on Admission
|
|
Julian Gilbert
|
Non-executive Chairman
|
22,000,000
|
1.57%
|
|
Maddy Kennedy
|
Non-executive Director
|
22,000,000
|
1.57%
|
|
Dan Gooding
|
Executive Director
|
12,000,000
|
3.49%
|
Appointment of Broker
Nuformix is pleased to announce that
it has appointed CMC Markets as broker to the Company, with
immediate effect.
Commenting, Dr Dan Gooding, Executive Director
of Nuformix, said: "The
Fundraise will support the Company through an exciting period as we
strive to reach a conclusion with a specialist development partner,
who like us are keen to improve the treatment of IPF and PPF via
inhalation. Inhalation is an untapped option in the
industry's efforts to halt disease progression in what remains a
poorly treated disease area with mortality greater than many
cancers, and alleviate symptoms that dramatically impact patient
quality of life. I look forward to providing further updates in due
course."
Enquiries:
|
Nuformix plc
|
|
|
Dr Dan Gooding, Executive
Director
|
Via
IFC Advisory
|
|
CMC
Markets
|
|
|
Douglas Crippen
|
+44
(0) 20 3003 8632
|
|
|
|
|
IFC
Advisory Limited
|
|
|
Tim Metcalfe
Zach Cohen
|
+44
(0) 20 3934 6630
nuformix@investor-focus.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
a pipeline of preclinical assets with potential for significant
value and early licensing opportunities.
About Fibrosis
Fibrotic disease is typically
associated with high patient mortality, increasing prevalence and a
lack of safe and effective treatments. Whilst fibrosis treatments
are in their infancy the emerging lung fibrosis market demonstrates
their blockbuster potential. Idiopathic Pulmonary Fibrosis is
classified as a rare disease and presents a global commercial
market that is forecast to grow to $5bn by 2025. Sales of
standard-of-care therapies OFEV and Esbriet achieved $2.58bn and
$1.04bn respectively in 2021.