Nuformix plc (LON:NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, has announced a subscription to raise gross proceeds of £70,000 through a subscription for 35,000,000 new ordinary shares of 0.1 pence in the capital of the Company at a price of 0.20 pence per share. The Subscription has been undertaken with a single UK-based FCA regulated institutional investor. The New Ordinary Shares will represent approximately 4.7 per cent. of the Company’s enlarged issued share capital.
In addition, the participant in the Subscription will be issued with one warrant for every one New Ordinary Share subscribed for with an exercise price of 0.25 pence per warrant. These warrants will be exercisable for two years from Admission. If the Warrants were ultimately to be exercised in full, it would result in the issue of an additional 35,000,000 new ordinary shares raising a further £87,500 for progression of the Company’s business activities. The New Ordinary Shares and Warrants are being issued pursuant to the Company’s existing share issuance authorities.
The net proceeds of the Subscription will be used by the Company primarily to further advance its NXP002 programme for the inhaled treatment of idiopathic pulmonary fibrosis (“IPF”) in line with the announcement made on 27 March 2023.
Commenting, Dr Dan Gooding, Executive Director of Nuformix, said: “The funds raised through the Subscription, the first from a new institutional shareholder, will progress NXP002 by undertaking additional key studies that in conjunction with our existing NXP002 data and ongoing studies, will enable the Company to initiate discussions with potential licensees and support the overall progression of the NXP002 programme to improve the treatment of IPF via inhalation. I look forward to providing further updates as we progress.”
Admission and Total Voting Rights
Application will be made for the 35,000,000 New Ordinary Shares to be admitted to the Official List of the FCA and to trading on the Main Market of the London Stock Exchange. It is expected that Admission will become effective and that unconditional dealings will commence on the London Stock Exchange at 8.00 a.m. on 21 April 2023.
Following Admission of the New Ordinary Shares and the Fee Shares, the total number of Ordinary Shares in issue will be 744,309,368, each with one voting right. The Company does not hold any rights in treasury. The total voting rights figure is therefore 744,309,368 and can be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change of their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
Nuformix Plc is a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing. The Company aims to use its expertise in discovering, developing and patenting novel drug forms, with improved physical properties, to develop new products in new indications that are, importantly, differentiated from the original (by way of dosage, delivery route or presentation), thus creating new and attractive commercial opportunities. Nuformix has a pipeline of preclinical assets with potential for significant value and early licensing opportunities.
