Business
Expansion of NXP001 Agreement & Milestone Payment
Expansion of NXP001 Agreement & Milestone Payment.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 5310I Nuformix PLC 27 November 2018 \n\n \nNuformix plc\n(\"Nuformix\" or the \"Company\")\n \nNuformix Expands Licensing Agreement with Newsummit Biopharma for cancer supportive care product\n \nReceives First Milestone Payment for NXP001 \n \nCambridge, UK, 27 November 2018: Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces it has expanded its licensing agreement with Newsummit Biopharma (\"NSB\"), its Chinese licensing partner for NXP001, which is in development for cancer supportive care. \n \nNuformix will be carrying out an additional pre-clinical study on NXP001 to further validate differentiated product opportunities. This will increase total milestone payments from NSB from £2.5 million to £3 million, following the addition of a second pre-clinical milestone of £500,000. NSB has now paid the Company the first milestone payment of £500,000, having achieved the first pre-clinical milestone for NXP001, as announced on 14 September 2018. \n \nData from the recent NXP001 studies carried out by Nuformix demonstrate additional commercial applications beyond its initial intended use as a generic alternative to the marketed reference product. Nuformix plans to carry out an additional pre-clinical study on NXP001 for differentiated product forms in early Q1 2019. Data from the additional milestone studies will support regulatory submissions in China to facilitate market approval of multiple NXP001-derived products. \n \nThe regulatory submission process is on-going in China with Nuformix supporting NSB, which has exclusive rights to NXP001 for marketing and distribution in China under its license agreement. Nuformix remains on track to commence its clinical studies for NXP001 in Q1 2019, with receipt of all milestone payments completed during Q2 2019. \n \nCommenting on the news, Dr Dan Gooding, CEO of Nuformix, said: \"The expanded licensing agreement demonstrates NSB's commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China. This is a large, untapped and growing market, which in demographic terms has one third of global cancer patients. The milestone payment received validate...