- Australian drug developer Noxopharm (NOX) has entered a trading halt this morning as it prepares for an upcoming capital raise
- Currently, it is unknown how much the company is aiming to raise and what it will use the funds for
- The trading halt means company shares will be paused until Thursday, December 3, or when more details about the raise are announced
- Last month, Noxopharm’s DARRT cancer treatment was validated by a U.S. university group
- On the market, Noxopharm last traded at 64 cents per share on November 30
Noxopharm (NOX) has entered a trading halt ahead of an upcoming capital raise.
So far, it is unknown how much the company is aiming to raise and where the funds will be spent.
Noxopharm is an Australian clinical-stage drug development company focused on the treatment of cancer and septic shock.
Company shares will be paused from trade until Thursday, December 3, or when more details about the raise are released to the market.
Last month, the company said a recent discovery by a U.S. university group has validated its DARRT cancer treatment program.
The university has been researching the elusive phenomenon abscopal response, which is when radiation shrinks the tumour and the body of the tumour.
Noxopharm said the phase two research for this study will begin early next year.
For the September quarter, the company burnt through $3.3 million on operating activities, with the majority of capital spent on research and development. At the end of the period, Noxopharm had nearly $4 million in the bank.
On the market, Noxopharm last traded at 64 cents per share on November 30.