Nuformix PLC (LON:NFX) chief executive Anne Brindley said fundraises in the past year have allowed the pharmaceutical company to develop its pipeline of repurposed drug assets and negotiate with potential licensing partners.
Brindley, who was brought in at the end of last year to re-focus the group and was joined by new chairman Alastair Riddell in May, oversaw a £1.6mln shares issue in March. The company also raised £0.65mln last October.
In a statement alongside the group’s results for year to 31 March, Brindley said: “Our ambition is to repurpose existing, marketed drugs, with improved physical properties in order to develop novel products in new indications to create attractive commercial opportunities.
“The successful fundraises during the year are enabling us to perform further R&D on our proprietary assets, focussing on NXP002 and NXP004, which will allow us to move to the next stage of growth and value creation for the company.
“As we continue to execute on our strategy, we are building momentum with the ultimate aim of delivering value to shareholders.”
Negotiations are underway over a global license deal for a third drug asset, NXP001 for side-effects relating to chemotherapy, with privately owned pharmaceutical development company Oxilio.
Still with an early-stage pipeline of drugs, the company reported a £1.25mln loss on ordinary activities for the year, compared to £756,376 a year earlier.
Net assets at year-end stood at £5.7mln, up from £4.7mln, including cash in the bank at the end of March of £1.7mln.
Brindley said all R&D was being conducted through outsourcing, to enable Nuformix to access the relevant expertise needed and to minimise operational costs.
She said the group is seeking non-dilutive grant funding for its early-stage assets and while it was unsuccessful with an application for an Innovate UK Smart Award grant in January, it has re-submitted the application with feedback taken into account. The outcome is expected in the third quarter of 2021.
Riddell said it was an "exciting period" for the company and the board remains "highly encouraged by the outlook for the business and look forward to providing further updates as we execute on our strategy".