Australian clinical-stage drug development company Noxopharm (ASX:NOX) has completed a $23 million share placement to professional, institutional, and sophisticated investors.
The company said it will use the proceeds to progress the development of its investigational therapy VEYONDA in a variety of late-stage cancers, including prostate, breast and lung, as well as a number of other pipeline projects.
"The support received from new, high-quality investors as well as some existing shareholders demonstrates a shared vision in the potential of our technology," said CEO Dr Graham Kelly.
"That vision is to see VEYONDA become the drug of choice to restore cancer-eradicating immune function to tumours, the so-called cold-to-hot effect. This absence of immune function in most human tumours is now recognised as the primary factor holding back current cancer therapies from working to full effect in most patients.
The significance of what we are doing is that VEYONDA, with its unique cold-to-hot effect, is the first opportunity medicine has had of seeing whether this problem can be rectified across a range of major cancer types. If VEYONDA proves to be the answer we believe it to be, then the face of cancer therapy is set to change in a dramatic way."
The company is currently testing this "cold-to-hot effect" in combination trials involving immunotherapies, external beam radiotherapy and a radiopharmaceutical.
"I would like to thank existing shareholders for their continued support and to welcome new shareholders to the Company's register, which continues to be strengthened," said Dr Kelly.
Settlement of the Placement is expected to occur on Wednesday 9 December 2020 with the issue of new shares expected to occur on Thursday 10 December 2020.
