Nuformix PLC (LSE:NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, has announced its unaudited results for the six months ended 30 September 2022, showing a period of operational progress.
In the results statement, Dr Dan Gooding, executive director of Nuformix, commented: "Our pre-clinical efforts to date demonstrate that inhaled treatment of IPF and related fibrotic lung diseases via NXP002 is a viable concept, a concept that it is becoming increasingly validated by clinical data emerging from the public domain. I expect our on-going penultimate pre-clinical studies to conclude that our data and IP support the progression of the programme towards patients for whom I believe NXP002 can address both the side effect and efficacy limitations of existing IPF treatment options."
He added: "We hope to announce results for both NXP002 and NX004 in the near-term, with work on both programmes underway. Programme progression is being achieved using existing funds thanks to a lean operational model, which will continue to operate until our R&D and targeted partnering activities require further resource. I am excited by our prospects for the remainder of the year and look forward to sharing results as they emerge."
During the half-year period, the company noted that initial pre-clinical inhalation studies undertaken with NXP002 demonstrated that the proprietary novel form can be delivered in-vivo by a range of nebulisers at the optimum particle size for delivery to the deep lung; that very high doses appear to be well-tolerated in the lung; and an in-vivo inhalation dose response was observed for both inflammatory and fibrotic biomarkers associated with disease progression.
Subsequently, the company initiated studies in a state-of-the-art 3D human Idiopathic Pulmonary Fibrosis (IPF) lung tissue, using a disease and species relevant model, which will focus firstly on the anti-inflammatory and anti-fibrotic action of NXP002 in combination with current standards-of-care and secondly investigate duration of action.
The company also presented NXP002 for the first time to the global IPF medical and pharmaceutical specialist community at the ERS Congress in Barcelona and a programme of work to progress NXP004 was initiated to scale-up of lead cocrystal production processes and in-vitro dissolution comparison of lead co-crystals to Lynparza (commercially available olaparib).
Nuformix noted that Oxilio, the licensee of NXP001, is investigating aprepitant for the potential new treatment of cancer indications, while continuing efforts are being made with Quotient Sciences to explore the formulation development options of NXP001 to understand the feasibility of achieving bioavailability and a dosing regime adequate for treatment of this indication. This work, which is contingent on the manufacturing and supply of additional cocrystal material for testing and evaluation, is underway, it added.
Looking at its half-year financials, Nuformix posted a loss before tax of £423,677 in the six months to 30 September 2022 (30 September 2021: loss of £449,023), with its loss on ordinary activities (after tax credit) being £422,514 (30 September 2021: loss of £449,023), while its loss per share was 0.06p (30 September 2021: 0.08p)
As of 30 September 2022, the company had net assets of £4,591,964 (30 September 2021: £5,250,968) including £389,840 of cash and cash equivalents (30 September 2021: £1,071,831).