Nuformix plc (LON:NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, has announced a conditional placing to raise gross proceeds of £210,000 through the issue of 300,000,000 new ordinary shares in the capital of the Company at a price of 0.07 pence per share.
The net proceeds of the Placing will be used by the Company to drive forward partnering discussions for its NXP002 programme, an inhaled treatment for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), as well as to provide funding to enable the submission of an application for Orphan Drug Designation in the USA for NXP002 in the treatment of IPF, and for general corporate purposes.
The Placing and issue of the New Ordinary Shares are subject to the fulfilment of the following conditions: (i) approval by the Financial Conduct Authority (“FCA”) and publication by the Company of a prospectus; (ii) there being no breach of the obligations under the placing agreement entered into between CMC Markets UK Plc and the Company prior to Admission; and (iii) admission of the New Ordinary Shares to trading on the Main Market of the London Stock Exchange becoming effective.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the Main Market of the London Stock Exchange and the equity shares (transition) category the FCA Official List assuming the Conditions are met.
The Company and its advisers are finalising the prospectus and, following FCA approval, anticipate being able to release a further update regarding the timetable for Admission.
CMC Markets trading as CMC CapX, acted as the Company’s sole placing agent in respect of the Placing.
Commenting, Dr Dan Gooding, Executive Director of Nuformix, said: “The Placing will provide the Company with additional funds to support it through an exciting period as we progress discussions with potential licensing and development partners, who like us are keen to improve the treatment of IPF and PPF via inhalation. Following the news of the European Medicines Agency’s Committee for Orphan Medicinal Products positive opinion regarding NXP002’s eligibility for Orphan Drug Designation in IPF we will now also be applying for US FDA orphan drug designation. I look forward to providing further updates in due course.”
