NFX - Nuformix to fund its unlicensed programs with NXP001 windfall
(NewsDirect)
Nuformix PLC (LSE:NFX) executive directorDr Dan Gooding speaks to Proactive after the pharmaceuticaldevelopment company announced it is to receive new immediate andnear-term milestone payments as part of an update to its NXP001exclusive licensing agreement with Oxilio Ltd.
Dr. Gooding explains that Oxilio has nowpurchased patents from Nuformix that it had previously been licencing,resulting in significant near-term payments to Nuformix. Thisfinancial boost will aid Nuformix in advancing their unlicensedprograms, specifically NXP002 and NXP004.
Despite the patentsale, Nuformix retains future value from NXP001 through developmentmilestones and royalties. Dr. Gooding also highlights Nuformix'swork with NXP002 on lung fibrosis, a severe disease with limitedtreatment options. He explains that Nuformix's approach ofrepurposing existing drugs means a reduction in research time andcosts. NXP002 is a modified version of a drug initially approved inJapan for asthma and skin scarring treatment.
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