Business
Preliminary Results for year ended 31 March 2020
Preliminary Results for year ended 31 March 2020.
About this update from Nuformix Plc
[{"type":"text","content":"\n \n \n RNS Number : 6873T\n Nuformix PLC\n 22 July 2020\n \n \n \n \n Nuformix plc\n \n \n \n \n \n Preliminary Results for the year ended 31 March 2020\n \n \n \n \n \n Cambridge, UK \n \n - 22 July 2020:\n \n Nuformix plc (LSE:NFX) (\"Nuformix\" or \"the Group\"), \n a pharmaceutical development company focused on unlocking the therapeutic potential and value of known drugs to develop new novel medicines to provide enhanced benefit, is pleased to announce its preliminary results for the year ended 31 March 2020.\n \n \n \n \n \n Operational Highlights (including post-period)\n \n \n \n \n \n · \n During the year, we prioritised development of our anti-fibrotic candidate, NXP002, and are developing an inhaled formulation. Our preparations for first clinical exposure are underway. We are looking at all options for deriving value from this product globally\n \n \n \n \n \n · \n Having demonstrated the successful application of our proprietary cocrystal technology in humans using NXP001, we believe this product could also be of interest to third parties. Whilst it is too early to characterise this, we will be extending our business development efforts in this area over the coming 12 months. This will be greatly assisted by our network of key opinion leaders and scientific advisors\n \n \n \n \n \n · \n The Group also commenced pre-clinical pilot studies to investigate the potential for NXP004 with the highly acclaimed Newcastle Fibrosis Research Group. Significant progress was being made until the inevitable operational challenges of the COVID-19 outbreak contrived to slow that progress. Evaluation of this important data on an exciting candidate that could be applicable to several disease indications is now expected to complete later this year. Again, we are looking at all options for deriving value from this product\n \n \n \n \n \n · \n We have also announced two new revenue generating collaboration agreements, with Ebers Tech Inc. (Ebers) and VistaGen Therapeutics Inc. (VistaGen; post-period, May 2020)\n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n · \n Net assets at year-end of £4,742,520 (2019: £3,815,330) which includes £543,772 cash at bank (2019: £4,261)\n \n \n \n \n \n · \n The Group delivered a loss on ordinary activities (after tax credit...