Noxopharm Ltd - $7.9 Million Fully Underwritten Entitlement Offer Announced
Noxopharm Ltd (ASX:NOX)

$7.9 Million Fully Underwritten Entitlement Offer Announced


What's happened?

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?

  1. Canaccord Genuity (Australia) Limited is Lead Manager and Underwriter to the Entitlement Offer.
  2. 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.
  3. 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.

CEO's Summary

Graham Kelly

“Noxopharm is looking at an exciting future, and this capital raise is designed to underpin that future in 3 main ways. The first is to secure the oncology opportunities. Recent positive results from our DARRT and LuPIN programs give us the confidence that Veyonda® is set to become a powerful new treatment option for patients with late-stage prostate cancer. Our commercialisation goal is Phase 2 data, with the proposed Phase 2b DARRT-2 trial and the current Phase 2a LuPIN-1 trial intended to fulfill that goal. The second is the potential of Veyonda® in the treatment of septic shock in COVID-19 patients. We didn’t seek this opportunity, but it has landed in our lap and we intend to meet the opportunity. The emerging possibility that over-active STING responses are causing deaths and long-term inflammatory sequelae in adults and children suffering COVID-19 disease, puts Veyonda® as a front-line prospect given its potent ability in blocking the STING signalling pathway. The third is the opportunity to work closely with Canaccord Genuity, an international investment bank with all the resources that brings, and to focus on building a supportive share register."

Graham Kelly
CEO, Noxopharm Ltd

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