Business
Operational Update
Operational Update.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 1180C Nuformix PLC 05 February 2020 \n\n5 February 2020\nNuformix plc\n(\"Nuformix\" or \"the Group\"),\n \nOperational Update\n \nNuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs provides shareholders with the following operational update:\n \n· On 30 October 2019 Nuformix received confirmation in writing from NSB of an acceptable solution to resolving the outstanding £2.5m payment due\n \n· During face-to-face meetings with NSB senior management in Shanghai on 4th -8th November 2019, Nuformix Chairman, Dave Tapolczay, was given further verbal assurances of payment by 15 November 2019\n \n· Nuformix was then told that payment was delayed due to an on-going audit of NSB and its parent company, Zheiiang Yatai Pharmaceutical, but that payment would be made once the audit completed (forecasted end November)\n \n· Nuformix noted an announcement by Zheiiang Yatai Pharmaceutical on 23 January 2020 confirming the dismissal of the Group's primary contact at Newsummit Biopharma\n \nThe Group has taken legal advice, which has confirmed that the full payment of £2.5m is due and payable. The Directors are considering their next steps. In the meantime, the Group is in the process of making contact with the new management team at Newsummit Biopharma to secure a date for settlement and will update shareholders as this process progresses.\n \nDr Dan Gooding, CEO, Nuformix plc, said: \"We look forward to working with the new management team at Newsummit Biopharma to secure the payments due such that our long-term relationship and contractual agreements are honoured\".\n \nMarket Abuse Regulation (MAR) Disclosure. Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the publication of this announcement via a Regulatory Information Service and accordingly, this inside information is now considered to be in the public domain.\n \nEnquiries:\n \n\n\n\nNuformix plc\nDr Dan Gooding, Chief Executive Officer\nEmail: [email protected]\n \n\n\n \n \n+44 (0)1223 627...