Noxopharm Limited (ASX:NOX) announces it will undertake a 1 for 2.5 fully underwritten, pro-rata entitlement offer of new fully paid ordinary shares at an Offer Price of $0.13 cents per share to raise up to $7.9 million in new equity, with participating shareholders to receive 1 new $0.30, 3-year Option for every 3 new Shares purchased.
What are the key highlights?
- Canaccord Genuity (Australia) Limited is Lead Manager and Underwriter to the Entitlement Offer.
- The Company will use the funds primarily for its ongoing oncology programs, but with a growing investment in its recently-recognised opportunity in the treatment of septic shock, particularly as it applies to infection with the SARS-CoV-2 and influenza viruses.
- Other than meeting working capital costs of the Company and the costs of the Offer, funding will be applied to a variety of objectives including preparation for commencement in early 2021 of the DARRT-2 Phase 2b clinical trial of Veyonda® in late stage prostate cancer patients.
Refer to the announcement linked below for further details.