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Nuformix Achieves 2nd NXP001 Development Milestone
Nuformix Achieves 2nd NXP001 Development Milestone.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 0408Z Nuformix PLC 14 May 2019 \n\n \nNuformix plc\n(\"Nuformix\" or the \"Company\")\n \nNuformix Achieves Second NXP001 Development Milestone\n \nTriggers Additional £500k Payment for NXP001 \n \nCambridge, UK, 15 May 2019: Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, announces that in accordance with its updated agreement with Newsummit Biopharma (\"NSB\"), its licensing partner for China as announced on 27 November 2018, NSB have confirmed a second development milestone for NXP001 has been achieved, triggering a payment of £500,000 to the Company.\n \nNXP001 is in development as a treatment for chemotherapy-induced nausea and vomiting (\"CINV\"), a large, under-exploited and growing market, which in demographic terms comprises one third of global cancer patients.\n \nNuformix' first clinical study for NXP001 completed on 22 April 2019 in a cross-over study that aimed to measure the relative bioavailability of NXP001 compared to Merck's EMEND® in healthy subjects. All enrolled subjects completed the study and were discharged without adverse effects, with results expected by end H1 2019.\n \nPrior to entry to the clinic, Nuformix carried out an additional studies to further validate it's prototype NXP001 cocrystal formulations. NSB's acceptance of success in this work announced today brings the total milestone payments from NSB to £1 million, with a further £2 million payment due dependant on relative human bioavailability results, as per the agreement for NXP001 marketing and distribution in China. \n \nCommenting on the news, Dr Dan Gooding, CEO of Nuformix, said: \"We're delighted to have reached this second pre-clinical milestone. The data generated was not only sufficient to trigger a second payment of £500k with NewsummitBio, but also gave us tremendous confidence to make the next step into human studies. We look forward to sharing human data very soon and continue to work closely with NSB, such is their commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China. Milestone revenues continue to validate Nuformix's business model and its commitment to reinvest early revenues back into R&D, avoiding furthe...