The Nuformix PLC (LON: NFX) share price rallied 10% after issuing an update about its NXP002 drug candidate. The company revealed that it had secured the suitable human disease tissue to start running the practical elements of its preclinical trials.
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The pharmaceutical development company told investors that securing suitable human disease tissue is extremely difficult as it works to find a treatment for Idiopathic Pulmonary Fibrosis (IPF), which its NXP002 drug candidate targets.
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Investors cheered the win because Nuformix is one step closer in its journey to develop NXP002, a proprietary new form of tranilast, as an inhaled treatment for Idiopathic Pulmonary Fibrosis (IPF).
Nuformix initiated 3D studies of human IPF lung tissue using a model that mimics the disease and is relevant to the human species. The firm has been working with its partner, Fibrofind, to develop NXP002, which can be used with current standards of care.
However, the two firms could not commence the practical tests required to continue advancing the drug until they secured a viable human disease tissue, which they just did. The company noted that NXP002 combinations have already shown promise in human-diseased IPF tissue.
Investors cheered that NXP002 showed a pleasing synergistic efficacy effect with low doses of standards-of-care, resulting in the company filing a new combination patent application in 2022. The patent is yet to be approved.
Nuformix’s gains did not last long, as NFX shares have given up over half of their initial gains at the time of writing.
Dr Dan Gooding, Nuformix’s Executive Director, said:
“We’ve had to wait a little longer than expected to acquire suitable tissue, but I’m delighted that the main element of this key study, further evaluating NXP002 combination therapies is now underway, and I look forward to sharing the results when they are available.”
*This is not investment advice.
The Nuformix share price edged 10% higher to trade at 0.33p, from Tuesday’s closing price of 0.30p.
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