Source - Alliance News

Nuformix PLC - London-based developer of treatments for fibrosis and oncology via drug repurposing - Pretax loss narrows to £927,972 in 18 months that ended September 30 from £1.3 million in the 12 months that ended March 31, 2022, following its change of financial year-end. Has no meaningful revenue in either period, so reduced loss is due to lower administrative expenses.

Looking ahead, Nuformix says its strategy is to ‘optimise value’ from existing assets while maintaining tight cost control. ‘The group is conducting business development/licensing activities for all its assets using a structured and data-driven approach, with the goal of seeking global licensing deals,’ it says.

‘Our focus and emphasis is to progress our NXP002 and NXP004 programmes where required to complete licensing transactions and achieve value creation to generate a return for shareholders.’

NXP002 is an inhaled treatment for idiopathic pulmonary fibrosis, and NXP004 represents novel forms of olaparib, a cancer drug sold by AstraZeneca PLC as Lynparza.

Current stock price: 0.35 pence, up 7.7% in London on Wednesday

12-month change: up 9.4%

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