REG - Nuformix PLC - £300,000 Fundraise

NuformixAnnouncement

20/09/2024 14:30

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RNS Number : 1020F  Nuformix PLC  20 September 2024

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20 September 2024

 

Nuformix plc

 

("Nuformix" or the "Company" or the "Group")

 

£300,000 Fundraise

 

Nuformix plc (LSE:NFX), a pharmaceutical development company targeting unmet
medical needs in fibrosis and oncology via drug repurposing, announces a
conditional placing (the "Placing") and subscription (the "Subscription") to
raise gross proceeds of £300,000 through the issue of 600,000,000 new
ordinary shares in the capital of the Company at a price of 0.05 pence per
share (the "Issue Price") (the "Fundraise").

 

The net proceeds of the Fundraise will be used by the Company primarily to
drive forward partnering discussions for its NXP002 programme, an inhaled
treatment for idiopathic pulmonary fibrosis ("IPF") and progressive pulmonary
fibrosis ("PPF"), as well as to provide funding for general corporate
purposes.

 

The Fundraise and issue of the New Ordinary Shares are subject to the
fulfilment of the following conditions ("Conditions"): (i) approval by the
Financial Conduct Authority ("FCA") and publication by the Company of a
prospectus; (ii) shareholder approval at a general meeting to be convened in
due course (the "General Meeting"); (iii) there being no breach of the
obligations under the placing agreement entered into between CMC Markets UK
Plc ("CMC Markets") and the Company prior to Admission; and (iv) admission of
the Placing Shares to trading on the Main Market of the London Stock Exchange
("Admission") becoming effective.

 

The Issue Price is below the 0.1 pence nominal value of the existing ordinary
shares and, under the Companies Act 2006, a company is unable to issue shares
at a subscription price which is less than the nominal value. The Directors
will therefore propose a share capital reorganisation ("Reorganisation") at
the General Meeting in order that the nominal value of the ordinary shares
following the Reorganisation will be equal to the Issue Price ("New Ordinary
Shares"). Details of the Reorganisation will be set out in the prospectus.

 

Application will be made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on the Main Market of the London Stock
Exchange and the equity shares (transition) category the FCA Official List
assuming the conditions are met.

 

The Company and its advisers are finalising the prospectus and, following FCA
approval, anticipate being able to release a further update regarding the
timetable, including a date for the General Meeting.

 

CMC Markets trading as CMC CapX, acted as the Company's sole placing agent in
respect of the Placing.

 

Details of the Fundraise

 

The Fundraise comprises a Placing of 440,000,000 New Ordinary Shares (the
"Placing Shares") and a Subscription for 160,000,000 New Ordinary Shares at
the Issue Price .

 

The Issue Price represents a discount of approximately 68 per cent. to the
closing mid-market price of 0.155 pence of an Ordinary Share on 19 September
2024, being the latest practicable date prior to the publication of this
announcement.  If issued, the Fundraising Shares will represent approximately
42 per cent of the enlarged share capital of the Company and will rank pari
passu with the existing ordinary shares.

 

The Placing was arranged by CMC Markets.  The Company has also agreed to
issue 26,400,000 'broker' warrants to CMC Markets, giving them the right to
acquire such number of New Ordinary Shares at an exercise price of 0.05 pence
for a period of two years from the date of Admission.

 

Director Subscriptions

 

As part of the Subscription and subject to the satisfaction of the Conditions
each of the Company's Directors have agreed to subscribe for the following New
Ordinary Shares at the Issue Price which will constitute related party
transactions:

 

 Name            Position                Ordinary shares subscribed for  % of enlarged share capital on Admission
 Julian Gilbert  Non-executive Chairman  22,000,000                      1.57%
 Maddy Kennedy   Non-executive Director  22,000,000                      1.57%
 Dan Gooding     Executive Director      12,000,000                      3.49%

 

Appointment of Broker

 

Nuformix is pleased to announce that it has appointed CMC Markets as broker to
the Company, with immediate effect.

 

Commenting, Dr Dan Gooding, Executive Director of Nuformix, said: "The
Fundraise will support the Company through an exciting period as we strive to
reach a conclusion with a specialist development partner, who like us are keen
to improve the treatment of IPF and PPF via inhalation.  Inhalation is an
untapped option in the industry's efforts to halt disease progression in what
remains a poorly treated disease area with mortality greater than many
cancers, and alleviate symptoms that dramatically impact patient quality of
life. I look forward to providing further updates in due course."

 

Enquiries:

 

 Nuformix plc
 Dr Dan Gooding, Executive Director  Via IFC Advisory

 CMC Markets
 Douglas Crippen                     +44 (0) 20 3003 8632

 IFC Advisory Limited
 Tim Metcalfe                        +44 (0) 20 3934 6630

 Zach Cohen                          nuformix@investor-focus.co.uk

 

About Nuformix

 

Nuformix 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.

 

About Fibrosis

 

Fibrotic disease is typically associated with high patient mortality,
increasing prevalence and a lack of safe and effective treatments. Whilst
fibrosis treatments are in their infancy the emerging lung fibrosis market
demonstrates their blockbuster potential. Idiopathic Pulmonary Fibrosis is
classified as a rare disease and presents a global commercial market that is
forecast to grow to $5bn by 2025. Sales of standard-of-care therapies OFEV and
Esbriet achieved $2.58bn and $1.04bn respectively in 2021.

 

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