The drug re-purposing specialist, Nuformix PLC (LON:NFX), has conditionally raised just under £1.6mln via an oversubscribed placing of shares at 2p each – funds that will be used to develop its portfolio of treatment candidates and provide additional working capital.
Specifically, the proceeds will be put to work to assess the feasibility of developing an inhaled version of NXP002, which has been developed to target idiopathic pulmonary fibrosis (IPF).
It will also be used to pursue opportunities in the field of oncology for NXP001 should potential licensee Oxilio Ltd decide not to exercise its option over the compound.
READ: The Nuformix CEO Q&A
And the City fundraiser will allow scientists to “perform further research” on NXP004, a second cancer drug candidate, to supplement data it has already compiled.
Chief executive, Dr Anne Brindley, said: "Nuformix has an early-stage pipeline with potential for significant value creation through early licensing opportunities.
“We are very pleased to have conditionally raised just over £1.5mln in an oversubscribed placing, which has strengthened our financial position and in particular means that we can drive forward the preclinical development plan for our lead asset (NXP002) to the next value inflexion point.”