StockMarketWire.com - Drugs developer Nuformix successfully completed its first clinical development study for its lead product NXP001 in the six months to 30 September.

In its half year results, the company added that additional out-licensing and development opportunities for NXP001 are currently under evaluation.

Net assets at period end stood at £3.98m, compared to £4.6m in the same period during 2018. This cash at bank of £132,764, compared to £32,660 in 2018.

Total revenue in the period stood at £535,000, compared to £610,000 in 2018.

Nuformix CEO Dr Dan Gooding said, 'Our results strongly validate the Group's strategy to retain low operational costs whilst generating revenues from both out-licensing and collaborative development.

'We have reached a significant milestone for our NXP001 programme and our attention now turns to NXP002 and progression towards the clinic and patients.

'Commercially, we look forward to further progress in our cannabinoid development agreement with Ebers whilst progressing out-licensing discussions with multiple parties for NXP002 and our wider portfolio.'


At 9:17am: [LON:NFX] Nuformix Plc share price was -0.05p at 7.25p



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