Noxopharm Ltd (ASX:NOX, OTC:NOXOF) has inked a secured loan agreement for $1.8 million advanced funding against an anticipated rebate under the Australian Government research and development (R&D) Tax Incentive Scheme.
The funding was provided by Endpoints Capital Pty Ltd, a specialist in R&D finance within the life sciences industry, at an annual interest rate of 15.80%.
NOX expects to repay the loan with proceeds from the upcoming R&D rebate, which is expected to provide about $2.3 million in funding for the previous financial year.
Advancing the Sofra and Chroma platforms
Noxopharm is a clinical-stage biotech company developing novel treatments for cancer and inflammation, including a pioneering technology that promises to enhance mRNA vaccines.
Leveraging in-house capabilities and strategic partnerships with leading research institutions, NOX is building a pipeline of novel treatments through its Sofra (inflammation, autoimmune diseases, mRNA vaccines) and Chroma (oncology) platforms.
The company recently demonstrated its CRO-70 and CRO-71 drugs, generated from the Chroma platform, are capable of reducing glioblastoma explants – cancer cells grown outside of the human body – by an average of 75.94% and 75.87%, respectively, versus the untreated controls.
Read: Noxopharm brain cancer drug candidates significantly reduce tumour growth
Pancreatic cancer-targeted treatment CRO-67 also showed significant reductions in pancreatic tumours and barrier cells in a complex pre-clinical model.
Read: Noxopharm soars as CRO-67 reduces pancreatic tumours and barrier cells in complex studies
For the Sofra platform, NOX is poised to begin a first-in-human Phase 1 trial assessing SOF-SKN™ drug candidate and Sofra™ platform for autoimmune diseases in its HERACLES or ‘Harnessing Endogenous Regulators Against CLE Study’.
Read: Noxopharm launches SOF-SKN™ autoimmune disease first-in-human clinical trial
The company has also inked several material transfer agreements (MTA) with a range of mid-sized to multi-billion-dollar biotech companies for its novel class of immunomodulators.
They are capable of modifying and improving mRNA vaccines and mRNA therapeutics with applications in autoimmune diseases.
Read: Noxopharm advances Sofra platform commercialisation with multiple material transfer agreements