Nuformix PLC (LON:NFX) said it is “executing" on its plan to develop its two key assets, while negotiations over out-licensing a third are ongoing.
In the update, the company said it has begun additional pre-clinical studies on NXP002, its inhaled treatment for idiopathic pulmonary fibrosis, with the aim of creating a more robust data package.
The ultimate goal is to increase the value of this asset, a repurposed form of a product called tranilast, “rendering it more attractive to licensing partners”.
In the same announcement, investors were told that research focusing on cancer candidate NXP004 could lead to additional patent applications protecting the technology. Nuformix filed one patent application on novel forms of this drug last year.
Finally, talks are ongoing with potential partner Oxilio over licensing NXP001, a new form of the drug aprepitant for oncology indications.
The company set out its plans alongside its over-subscribed fundraiser in March.