Business
Strategic Cannabinoid Agreement
Strategic Cannabinoid Agreement.
About this update from Nuformix Plc
[{"type":"text","content":"\n \nRNS Number : 5048V Nuformix PLC 09 April 2019 \n\n \nNuformix plc\n(\"Nuformix\" or the \"Company\")\n \n Strategic Cannabinoid Agreement\n \n \nCambridge, UK, 9th April 2019: Nuformix (LSE: NFX), the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs, today announces it has signed an agreement for cannabinoid therapeutics development, licensing and commercialisation containing up to £51 million of upfront, R&D and milestone payments, plus long-term royalties of 20% of net sales (the \"Agreement\").\n \nEbers Tech Inc. (Ebers) is a private Canadian company backed by leaders from the financial sector with connections to major vertically integrated US market-facing cannabinoid players. The Agreement enables Ebers to employ Nuformix's technology platforms to bring a range of superior, differentiated therapeutic cannabinoid products to market for a multitude of consumer product and pharmaceutical applications. \n \nUnder the terms of the Agreement and the expected development timeline, Nuformix will receive a significant upfront payment and believes it will earn further R&D and early-stage milestone payments up to a total of £1m during 2019. Further pre-clinical and clinical milestone payments are expected in 2020 and 2021, in addition to royalty payments of 20%, given the speed to market for consumer therapeutic products. Under the agreement, Nuformix will be responsible for early stage R&D activities and Ebers will be responsible for late-stage development, clinical programmes and commercialisation.\n \nAll R&D work conducted by Nuformix and its partners in the UK will be conducted in compliance with UK legislation regarding controlled substances. \n \nDr Dan Gooding, CEO, Nuformix plc, said: \"We are very pleased to have finalised this partnership agreement in the cannabinoid space. Nuformix specialises in a range of solid-form technologies and related IP aspects that are optimal for application to the cannabinoid family of molecules - the ability to improve therapeutic performance whilst generating robust new patent protection. In Ebers, we have a partner in the ideal location for maximising value in the emerging cannabinoids product market. In addition, the Ebers team are ...