Nuformix PLC (LSE:NFX, FRA:1RT) has signed an exclusive global licensing agreement for NXP001, an oncology drug candidate.
The company has licensed NXP001 to a privately owned company, Oxilio Ltd, which will research, develop and commercialise NXP001 globally for oncology indications.
AIM-quoted Nuformix will be eligible to receive an upfront payment, development milestone payments and a royalty on net sales capped at £2mln.
"We are delighted to complete the licensing agreement with Oxilio - achieving this exclusive global licensing deal for NXP001 in oncology is a major step forward as it validates the Nuformix technology and intellectual property, and also endorses our strategy of repurposing drugs and licensing at an early stage,” said Nuformix chief executive Dr Anne Brindley.
Nuformix meanwhile will focus on the development of its two lead assets, NXP002 and NXP004, Brindley added.
Dr Simon Yaxley, Oxilio co-founder, meanwhile, added: “We are pleased to expand our clinical development pipeline with the licensing of NXP001, which is highly complementary to our strategy of identifying, repurposing and commercialising existing drugs to address unmet needs in cancer therapy.
“NXP001, a novel form of aprepitant with improved properties, and its Phase 1 study demonstrates the potential for improved bioavailability without needing a complex formulation.
“Our hope is for the consolidated efforts under the agreement to enable Oxilio to accelerate the development of NXP001 and bring new treatment options to a broad range of cancer patients."