Nuformix PLC on Tuesday reported a negligibly smaller half-year loss as it continued to work on treatments for cancer and fibrosis, a disease which scars tissues in the lungs.

Nuformix is a London-based pharmaceutical firm targeting fibrosis and oncology. The company is working on developing drugs, such as NXP002, a potential treatment for idiopathic pulmonary, and has a cancer programme named NXP004, focused on the treatment for advanced ovarian cancer.

In the six months to September 30, pretax loss narrowed slightly to £423,677 from £449,022 a year prior. Revenue fell to nothing from an insignificant £50,000, as its products remain in development.

Executive Director Dan Gooding said: ‘Our pre-clinical efforts to date demonstrate that inhaled treatment of idiopathic pulmonary fibrosis and related fibrotic lung diseases via NXP002 is a viable concept, a concept that it is becoming increasingly validated by clinical data emerging from the public domain.’

Looking ahead, Nuformix said: ‘The company to continues to advance and exploit the current assets within the portfolio through the research & development and business development activities.’

It added: ‘The strategy of the group is to continue to increase the value of its existing assets while maintaining tight control of costs, including conducting business development/licensing activities using a structured and data-driven approach, with the goal of seeking global licensing deals.’

Nuformix shares were 12% lower at 0.32 pence each on Tuesday afternoon in London. The stock i s down 77% over the past 12 months.

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