Noxopharm Ltd (ASX:NOX) has geared up to accelerate the development of its front-line anti-cancer drug NOX66, after raising $5.5 million via the placement of shares at $0.33 each.
The company has raised the funds from sophisticated and institutional investors to fast-track the clinical development of NOX66, currently undergoing clinical trialling.
NOX66 is an innovative dosage formulation of the experimental anti-cancer drug, idronoxil, developed specifically to preserve the anti-cancer activity of idronoxil in the body and to enhance its drug-like behaviour.
Noxopharm is aiming to have the drug in a Phase 3 registration study by the end of 2018, with the ultimate objective of a revenue stream from a marketed product in 2022.
The new funds will go towards helping the company meet this timetable and make this experimental anti-cancer drug available for the treatment of rare cancers.
‘Rare cancers’ by definition are those with an incidence of less than 6 per year per 100,000 population and involve 186 different cancer types.
Despite their very low incidence, collectively they account for about one-quarter to one-fifth of all cancer diagnoses, and about 40% of all cancer deaths.