Alastair Riddell, chairman of drug repurposing specialist Nuformix PLC (LSE:NFX), reckons its NPXP002 drug candidate will be “phase I-ready” by the end of next year.

In an interview with Proactive’s Katie Pilbeam, he also hailed the potential of the early-stage treatment for idiopathic pulmonary fibrosis, a rare disease, but one with a poor prognosis.

The competitor drugs on the market are each generating revenues of more than US$2.5bn.

His comments followed highly encouraging pre-clinical data released earlier this week that pointed to its potential efficacy.

Now the focus is compiling a comprehensive data package in order to then get NXP002 into the clinic.

Nuformix deviates from the normal small-cap drug development model in that it looks to out-license its assets before they are taken into the clinic.

“What we’re going to do now is to look at the plans to get this product phase one ready over the next 12 months. We hope to be phase one ready by the end of next year,” Riddell said.

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