18th Jul 2019 11:16
(Alliance News) - Nuformix PLC on Thursday said its revenue multiplied in its most recently-ended financial year as it has secured its first licensing income from NXP001.
NXP001 is one of the company's lead programmes in oncology supportive care.
The pharmaceutical company reported a pretax loss of GBP1.8 million for the year to the end of March, compared with GBP2.0 million loss a year ago. Revenue jumped to GBP610,000 from GBP15,000.
Nuformix said it has achieved a "transformational" change in its most recently ended financial year, with the commencement of its first clinical development programme, securing its first licensing income from NXP001 and overall development of the portfolio.
Going forward, the company said it expects another "exciting" year, with the first milestone for its current financial year already been achieved, following the successful completion of the NXP001 first clinical trial.
Nuformix said a second major achievement for the year involves the recently-closed deal with Ebers Tech Inc to develop cannabinoid cocrystals covering a wide range of cannabinoid molecules and potential indications.
"We are very proud of our achievements in the past year, a landmark year for Nuformix," said Chief Executive Dan Gooding.
"We're very excited that Nuformix is positioned well to progress multiple programmes towards patients, delivering its promise of therapeutic innovation and growth in shareholder value," added Gooding.
Nuformix shares were trading 2.2% higher on Thursday in London at 9.04 pence each.
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