Shares in Nuformix PLC (LSE:NFX) fell 16% to 0.28p on Wednesday after the pharmaceutical developer sold discounted shares to raise £228,000.
The company reported the offer was four times oversubscribed, which suggests there is interest in the investment story.
In a separate update, Nuformix said the US Food and Drug Administration (FDA) had requested additional clarification on one aspect of its Orphan Drug Designation application for tranilast, the active ingredient in NXP002.
The company said it would provide the requested information using data already on file.
Dr Gooding said the FDA’s feedback was not unexpected and echoed queries raised previously by the European Medicines Agency (EMA).
“I remain confident the process will reach a successful conclusion and, whilst we await the FDA’s further response, we continue to progress discussions with potential future licensing partners,” he said.
Orphan Drug Designation is granted to encourage development of treatments for rare diseases, offering incentives such as market exclusivity and fee reductions. Securing this status for NXP002 could strengthen Nuformix’s position in partnership talks and future fundraising.