Business
Agreement to License NXP001
Agreement to License NXP001.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 4704Z Nuformix PLC 15 December 2017 \n\n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF AMERICA OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \n \nNuformix Plc\n(\"Nuformix\" or \"the Company\")\n \nCocrystal Agreement for NXP001 with Newsummit Biopharma\n \n£2.5m Payment plus Double Digit Royalty on Sales\n \nNuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces it has entered into an addendum to the Cocrystallisation Service Agreement dated 30 October 2015 (\"Original Agreement\") with Shanghai Newsummit Biopharma Group Company Limited (\"Newsummit\") to include a license to NXP001, for the Chinese market only.\n \nDated 15th December 2017 the addendum with Newsummit, a China-based integrated development services company for healthcare innovation, is summarised as:\n \n· Exclusive development of NXP001 in China with applications in oncology supportive care.\n· Newsummit has agreed to pay an aggregate fee of £2,500,000 in addition to double-digit royalty on all Newsummit revenues derived from NXP001.\n \nNuformix is conducting a pilot bioequivalence study for its NXP001 programme, based on a currently marketed treatment in the field of oncology supportive care. Under the terms of the agreement, Newsummit will pay a total fee of £2,500,000 to Nuformix, with a final milestone payment payable on successful completion of the NXP001 pilot bioequivalence study.\n \nCancer has become a major healthcare concern in China as the leading cause of death, topping t...