Nuformix has expanded its licensing agreement with its Chinese licensing partner Newsummit Biopharma (NSB) for NXP001, which is being developed for cancer supportive care.
In order to further validate differentiated product opportunities, Nuformix plans to carry out an additional pre-clinical study on NXP001.
With this, total milestone payments from NSB will increase from £2.5m to £3m, following the addition of a second £500,000 pre-clinical milestone.
For the first pre-clinical milestone achieved for NXP001 on 14 September 2018, NSB has now paid the company the first milestone payment of £500,000.
Nuformix CEO Dr Dan Gooding said: “The expanded licensing agreement demonstrates NSB’s commitment to the commercialisation of NXP001 and its understanding of the commercial opportunity in China.
“The milestone payment received validates Nuformix’s business model and its commitment to reinvest initial revenues back into R&D, avoiding further fundraising at this stage whilst maximising the potential value of its cocrystal platform.”
Data from the recent NXP001 studies carried out by the company demonstrate additional commercial applications beyond its initial intended use as a generic alternative to the marketed reference product.
An additional NXP001 pre-clinical study is planned for differentiated product forms in the first quarter of next year.
Data from the additional milestone studies will support regulatory submissions in China for market approval of multiple NXP001-derived products.
NSB has exclusive rights to NXP001 for marketing and distribution in China under its licence agreement.