Nuformix PLC (LSE:NFX) said it will receive a gross £1.32mln when the second phase of its subscription and sharing agreement with Lanstead Capital Investors is activated.
The proceeds will be invested in further research and development work on Nuformix’s drug candidates NXP002 and NXP004.
Specifically, the cash injection will allow the group to make the former "phase I-ready". It will also fund business development activities with potential licensees for assets.
The full terms of the agreement with Lanstead were outlined when it was first announced last December.
Nuformix specialises in repurposing existing drugs for new uses.