£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:

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."

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.