Operational Update

RNS Number : 1180C

Nuformix PLC

05 February 2020

 

5 February 2020

Nuformix plc

("Nuformix" or "the Group"),

Operational Update

Nuformix, the pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs provides shareholders with the following operational update:

·     On 30 October 2019 Nuformix received confirmation in writing from NSB of an acceptable solution to resolving the outstanding £2.5m payment due

·     During face-to-face meetings with NSB senior management in Shanghai on 4^th -8^th November 2019, Nuformix Chairman, Dave Tapolczay, was given further verbal assurances of payment by 15 November 2019

·     Nuformix was then told that payment was delayed due to an on-going audit of NSB and its parent company, Zheiiang Yatai Pharmaceutical, but that payment would be made once the audit completed (forecasted end November)

·     Nuformix noted an announcement by Zheiiang Yatai Pharmaceutical on 23 January 2020 confirming the dismissal of the Group's primary contact at Newsummit Biopharma

The Group has taken legal advice, which has confirmed that the full payment of £2.5m is due and payable. The Directors are considering their next steps. In the meantime, the Group is in the process of making contact with the new management team at Newsummit Biopharma to secure a date for settlement and will update shareholders as this process progresses.

Dr Dan Gooding, CEO, Nuformix plc, said: "We look forward to working with the new management team at Newsummit Biopharma to secure the payments due such that our long-term relationship and contractual agreements are honoured".

Market Abuse Regulation (MAR) Disclosure. Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the publication of this announcement via a Regulatory Information Service and accordingly, this inside information is now considered to be in the public domain.

Enquiries:

Nuformix plc Dr Dan Gooding, Chief Executive Officer Email: [e-mail]	[phone]
Novum Securities Limited Jon Belliss / Colin Rowbury	[phone]

About Nuformix plc www.nuformix.com 

Nuformix is a pharmaceutical development company using cocrystal technology to unlock the therapeutic potential of approved small molecule drugs. Nuformix's risk-mitigated development strategy has resulted in a pipeline of discoveries through which it has developed and patented novel cocrystal forms of approved small molecules.

Nuformix has created an IP portfolio of granted patents covering cocrystal forms of five small molecule drugs. Nuformix is targeting high-value unmet needs with its lead programmes in oncology supportive care: NXP001 and fibrosis: NXP002.

Nuformix was established in Cambridge in 2009 and has invested in pharmaceutical cocrystal R&D, establishing world-class capability and know-how in cocrystal discovery and development, yielding multiple product opportunities. 

Nuformix plc shares are traded on the London Stock Exchange's Official List under the ticker: NFX.L.

 

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