- Drug developer with novel approach
- Cancer and fibrosis treatments within the portfolio
- Assessing to see if applicable to COVID-19
What it does
Nuformix PLC (LON:NFX) represents a departure from the traditional small-cap drug development company that’s normally a binary bet on a university-discovered compound.
Instead, it takes small molecule (pharmaceutical) drugs that are already on the market and re-engineers their crystalline form using a platform called cocrystal technology.
In doing so, new options are created that might allow a change in the way a drug can be administered or enable a re-purposing into a completely different disease.
Nufromix has three lead drugs under development: one for cancer (NPX001)and two for fibrosis including a potential treatment for IPF and latterly COVID-19.
How it’s doing
In October, the company raised £650,000 to research whether its drugs especially NXP002 might be helpful to people suffering from COVID-19 problems.
NXP002 is being developed to tackle idiopathic pulmonary fibrosis, but Nuformix believes there is the potential to use it treat the worst symptoms of COVID-19.
The proceeds from the fundraiser will also help recruit a chief executive “with responsibility for delivering the group's strategy and to “augment and strengthen the board” with additional non-executive expertise.
Nuformix also wants to “exploit value” from NXP001 in indications outside the field of oncology.
Oxilio took out an option on NXP001 in oncology in September.
What the company says:
“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 resource.”