Noxopharm Ltd Strengthens Bank Balance With A $ 5.865 Million Research & Development Discount

The cash injection comes on top of Noxopharm’s strong cash position, which stood at AU $ 23.6 million as of September 30, 2021.

Noxopharm Ltd (ASX: NOX) bolstered its cash balance with a research and development (R&D) rebate of AU $ 5.865 million.

The latest discount from the clinical drug development company covers R&D expenses made in the previous year.

Ultimately, the cash injection comes on top of the company’s strong cash position, which stood at AU $ 23.6 million as of September 30, 2021.

According to its September quarterly report, Noxopharm intends to use the capital to strengthen its expanding clinical program as the new year approaches.

Earlier this week, Noxopharm appointed Chief Medical Officer Dr Gisela Mautner as the new CEO.

Dr Mautner will succeed current CEO Dr Graham Kelly next month and lead the drug development company through the next chapter of its clinical development program.

Entry into the year of “strong growth”

Speaking on the R&D rebate, outgoing Noxopharm CEO Dr Graham Kelly said: “The money reimbursed is as planned and is an important part of our budgeting activities, for which we thank the government. .

“The coming year represents a very important level of activity and opportunities for the company with our large-scale programs in the areas of cancer, septic shock, autoimmune diseases and drug / vaccine technology. to RNA.

“This means that we are now entering a year of strong growth with healthy cash flow. “

About Noxopharm

Noxopharm is an Australian clinical stage drug development company focused on the treatment of cancer and cytokine release syndrome (also known as septic shock).

Veyonda® is the first drug candidate in the Company’s pipeline, and is currently in phase two clinical trials.

Ultimately, Veyonda® has two main drug actions – a moderating effect on the body’s ceramide / sphingosine-1-phosphate balance and the inhibition of STING / TBK1 signaling.

Activity against the first target contributes to the dual-acting oncotoxic and immunomodulatory functions of Veyonda®, designed to improve the efficacy and safety of standard oncology treatments such as chemotherapy, radiation therapy and immune checkpoint inhibitors.

At the same time, the activity of Veyonda® against the latter target provides an anti-inflammatory effect, in addition to contributing to an anti-cancer action, but also potentially blocking septic shock.

Noxopharm also conducts comprehensive drug discovery programs in oncology and inflammation.

The Healthcare Stock is the largest shareholder in US biotech company Nyrada (ASX: NYR) Inc, which works to develop drugs for cardiovascular and neurological diseases.

Margie D. Carlisle