Nuformix PLC on Monday reported a narrowed annual loss as it made progress on optimising costs and furthering its lead asset, NXP002.

Nuformix is a London-based pharmaceutical development company targeting unmet medical needs in fibrosis and oncology. Shares in the firm were 1.4% higher at 0.24 pence on Monday afternoon in London.

Nuformix reported a pretax loss of £761,299 in the year ended March 31, narrowed from a loss of £1.3 million the year prior.

Nuformix changed its financial year end date to March 31 from September 30. The company’s results for the six months ended September 30 were announced in December. Monday’s interim report covers the 12 months to March 31.

The company’s administrative expenses reduced to £761,299 in the year, from £1.3 million the year prior.

The firm recognised no revenue in the year, compared to £50,000 a year ago.

Executive Director Dan Gooding said: ‘Our interim report demonstrates the company is continuing to generate value-adding data for its lead programmes whilst further optimising its operational costs...Our near-term goals focus on our NXP002 programme, as we continue to generate robust data to support our out-licensing objectives, all achievable using existing funds thanks to our lean operational model which will continue to operate.’

During the year, Nuformix successfully conducted studies in human idiopathic pulmonary fibrosis lung tissue. The studies initially focused on the anti-fibrotic action of its lead asset, NXP002, in combination with current standards-of-care. The anti-inflammatory action of NXP002 was subsequently investigated, post-period end.

Idiopathic pulmonary fibrosis is a lung disease associated with a higher mortality rate than many cancers, Nuformix explained.

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