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Nuformix welcomes move by Oxillio to exercise option agreement
StockMarketWire.com
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Drug repurposing group Nuformix welcomed news that Oxilio had exercised its option to acquire a licence for a new form of aprepitant medication for oncology indications.
Nuformix had in September granted an exclusive option to Oxilio to license the aprepitant , called NXP001, globally for oncology indications.
That triggered a first upfront payment and an option period that ran until 23 March 2021.
Nuformix said it and Oxilio would now work together to finalise a global licensing agreement for NXP001.
'Once this has been agreed, this will trigger a second undisclosed upfront payment, payable to Nuformix,' the company said.
'Under this agreement, Nuformix will license its patent estate and know-how on NXP001 in return for development milestone payments and a royalty on any future net sales, capped at £2m per annum,' it added.
At 9:32am: (LON:NFX) Nuformix Plc share price was 0p at 2.95p
Story provided by StockMarketWire.com
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