Announcement overview

Noxopharm Limited (ASX:NOX) has successfully secured A$2.1 million of funding through the issuance of convertible notes to sophisticated investors. This funding will enable the company to explore future opportunities and is secured over the 2024/25 Australian Tax Office R&D tax rebate. The notes carry an interest rate of 12% and will be funded in January 2025, providing financial flexibility for the company's upcoming endeavors.

Executive commentary

Noxopharm CEO Dr Gisela Mautner expressed gratitude for the ongoing support from investors and highlighted the company's rapid progress across various fronts. Dr Mautner emphasized the growing interest in Noxopharm's work within the industry and the anticipation surrounding an upcoming clinical trial scheduled for the new year, indicating a building momentum for the company.

Summary and outlook

The issuance of A$2.1 million convertible notes to sophisticated investors marks a significant milestone for Noxopharm, providing the necessary financial resources to pursue future opportunities. With a clinical trial on the horizon and increasing industry interest, the company is poised to leverage this funding to advance its innovative treatments for cancer and inflammation. The secured R&D tax rebate further strengthens the company's financial position, setting the stage for continued progress and potential breakthroughs in its pipeline of proprietary drugs. Noxopharm's strategic move to secure funding underscores its commitment to driving advancements in the biotech sector and signals a positive outlook for its ongoing initiatives.