Business
Prospectus re: Proposed Acquisition of Nuformix
Prospectus re: Proposed Acquisition of Nuformix.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 9195Q Levrett PLC 15 September 2017 \n\nLevrett plc\n(\"Levrett\" or \"the Company\")\n \nProposed Acquisition of Nuformix Limited\nPlacing of New Ordinary Shares\nApproval of a Waiver of obligation under Rule 9 of the City Code on Takeovers and Mergers\nNotice of General Meeting\nPublishing and Posting of the Prospectus\nLevrett plc, a Company formed to acquire a target company in the pharmaceutical and biotechnology sector, is pleased to announce that it has entered into a conditional agreement to acquire the entire issued share capital of Nuformix Limited (\"Nuformix\") for a total consideration of £12,000,000 to be settled through the issuance of new ordinary shares in the Company at a price of 4 pence per share (the \"Acquisition\"), subject to Shareholders' approval and Re-admission (as defined below). In addition, the Company is today announcing the Placing, under which it has issued 57,500,000 Placing Shares at 4p per share, raising £2.3 million, conditional, inter alia, upon Re-Admission.\nNuformix Summary\nNuformix is a UK incorporated pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. It has discovered, developed and patented novel cocrystal forms of approved small molecules, creating an IP portfolio containing 14 granted patents covering cocrystal forms of five small molecule drugs. It has identified two drug cocrystals that the Directors and Directors on Admission believe represent stand-out commercial and therapeutic promise and is seeking to progress these programmes to human pharmacokinetic (PK) studies, funded by the Placing:\nNXP001:\n \n· NXP001 is based on a currently marketed treatment in the field of oncology supportive care, which addresses some of the severe side effects faced by cancer patients in their treatment.\n· It provides entry into the large and growing oncology supportive care market, currently estimated at £17.5 billion per annum, rising to £23.5 billion in 2021.\n \nNXP002:\n· NKP0002 is based on a known drug for the treatment of allergies. In this case, Nuformix seeks to reprofile the drug to treat a range of fibrotic conditions, which can occur in organs such as the lungs, liver ...