Nuformix to fund its unlicensed programs with NXP001 windfall
London, UK --News Direct-- Nuformix PLC
Nuformix PLC (LSE:NFX) executive director Dr Dan Gooding speaks to Proactive after the pharmaceutical development company announced it is to receive new immediate and near-term milestone payments as part of an update to its NXP001 exclusive licensing agreement with Oxilio Ltd.
Dr. Gooding explains that Oxilio has now purchased patents from Nuformix that it had previously been licencing, resulting in significant near-term payments to Nuformix. This financial boost will aid Nuformix in advancing their unlicensed programs, specifically NXP002 and NXP004.
Despite the patent sale, Nuformix retains future value from NXP001 through development milestones and royalties. Dr. Gooding also highlights Nuformix's work with NXP002 on lung fibrosis, a severe disease with limited treatment options. He explains that Nuformix's approach of repurposing existing drugs means a reduction in research time and costs. NXP002 is a modified version of a drug initially approved in Japan for asthma and skin scarring treatment.
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