SYDNEY, Australia, Aug. 9, 2016 /PRNewswire/ -- Noxopharm Limited is pleased to advise shareholders that it commences trading today on the Australian Securities Exchange ("ASX") at 11 am (AEST) 9 August 2016. This follows a successful Initial Public Offer which raised the target of $6M and closed oversubscribed following strong investor support.
The offer of 30 million shares at a price of $0.20 per share was completed by lead manager Asia Pacific Prudential Securities.
Noxopharm CEO Dr Graham Kelly said today, "The Company is now focused on commencing the first clinical trial with its drug candidate, NOX66, which we believe has the potential to produce the first major change in cytotoxic chemotherapy for the past 20 years. The purpose of NOX66 is to eliminate the ability of a cancer cell to develop and maintain its drug-resistance mechanisms, something that leads to many cancer patients eventually running out of treatment options."
"Through NOX66 and a range of later-generation products we have under development, our goal is to provide better response rates for more patients across a broad range of cancers, and to be able to do so with lower, safer dosages of drugs."
NOX66 is an innovative dosage formulation of idronoxil, a compound that down-regulates pro-survival mechanisms in cancer cells, including the cell's ability to establish and maintain a range of drug-resistance mechanisms. The primary target of idronoxil is tumour-specific external NADH oxidase 2 (or ENOX2), the protein responsible for maintaining the transmembrane electron potential in the cancer cell's plasma membrane. Loss of this potential inhibits the ability of the cancer cell to maintain a wide range of pro-survival mechanisms. NOX66 has been developed specifically to protect idronoxil from Phase 2 metabolism in the human body, and in so doing to increase the bio-availability of idronoxil to cancer cells.
Noxopharm is an Australian drug development company with offices in Melbourne and Sydney. The Company has a primary focus on the development of drugs to address the problem of drug-resistance in cancer cells, the major hurdle facing improved survival prospects for cancer patients. NOX66 is the first pipeline product, with later generation drug candidates under development in an R&D program.
Forward Looking Statements
This announcement may contain forward-looking statements. You can identify these statements by the fact they use words such as "aim", "anticipate", "assume", "believe", "continue", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "plan", "should", "target", "will" or "would" or the negative of such terms or other similar expressions. Forward-looking statements are based on estimates, projections and assumptions made by Noxopharm about circumstances and events that have not yet taken place. Although Noxopharm believes the forward-looking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company's control that could cause the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statement. No representation, warranty or assurance (express or implied) is given or made by Noxopharm that the forward-looking statements contained in this announcement are accurate and undue reliance should not be placed upon such statements.
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SOURCE Noxopharm Limited