Nuformix targets COVID-19 with group assets
The pharmaceutical firm said the proceeds will go help strengthen group data packages around potential novel drug targets that the group has identified to treat the virus.
The proceeds will be used to maximise opportunities for the development pipeline, in particular for its lead asset, NXP002, which it believes could be used to treat hyperinflammation, a side effect seen in some patients suffering with severe COVID-19.
It also believes NXP002 could be used in combination with existing marketed products in the treatment of idiopathic Pulmonary Fibrosis (“IPF”) a serious lung disease. In doing so, the group would be targeting the global IPF market which is valued at around US$2bn a year.
Shares in Nuformix have been trading around 3.5p over the past two weeks and opened this morning 9.09% lower at 3p.
The Company said that it plans to exploit the potential for licensing NXP002 across global markets, and in particular to continue to pursue licensing opportunities in the Asian market.
It also added that it wants to 'exploit value’ from NXP001 outside the field of oncology.
The proceeds will also be used to recruit a CEO ‘with responsibility for delivering the Group's strategy’ and to augment and strengthen the Board with additional non-executive expertise.
The Board believes today’s raise will optimise its chances to secure further licence deals.
‘The Board is positive about the opportunities for the Group, in particular, for the development of certain assets for the treatment of Covid-19. Support for these efforts will require additional business development resources,’ the Company outlined to investors.
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