Business
Exclusive Option Agreement for NXP001
Exclusive Option Agreement for NXP001.
About this update from Nuformix Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9391Z\n Nuformix PLC\n 24 September 2020\n \n \n \n \n Nuformix plc\n \n \n \n Exclusive Option Agreement for NXP001 in Oncology \n \n \n \n \n \n \n Cambridge, UK -\n \n \n 24 September 2020:\n \n \n Nuformix plc (LSE:NFX) (\n \"Nuformix\" \n or \n \"the Group\"\n ), \n a \n pharmaceutical development company focused on unlocking the therapeutic potential and value of known drugs to develop novel medicines to provide enhanced benefit, announces it has signed an exclusive option agreement with Oxilio Ltd (\"\n Oxilio\n \"\n ). \n \n \n \n \n \n · \n Agreement covers a licence for the development and exploitation of NXP001 in oncology\n \n \n · \n Up-front payment for an exclusive option period of 6 months, within which the global licensing agreement can be triggered\n \n \n · \n Should Oxilio exercise the option, Nuformix will licence its patent estate and know-how on NXP001 in return for a significant upfront payment and additional development milestones and a royalty on net sales, capped at £2 million per annum\n \n \n Under the terms of the agreement Nuformix will also provide a fixed amount of consultancy services to Oxilio during the option period. Oxilio will develop and seek to exploit NXP001 globally for the treatment of cancer and early clinical trials will determine which cancer types respond best to treatment. Cancer is the second leading cause of death globally with around 10 million deaths per annum, in spite of extensive studies to find new treatment regimens and more effective drugs. However, the cost of cancer treatment is increasing, in large part due to the expense of taking 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 developing a therapeutic with the potential to treat patients with various cancer types representing a global therapeutics market estimated to be more than $130 billion (BCC Publishing, Jan 2019).\n \n \n Oxilio is focused on alleviating the current dilemma of a shortage of drug candidates for finding new cancer therapies, by adopting a drug repurposing strategy (identifying new uses for approved or investigational drugs that...