- Noxopharm (NOX) prioritises the development of its two “cutting-edge” preclinical technology platforms moving forward – Chroma and Sofra
- The company will discontinue its two Veyonda trials, due to protracted timelines, low patient acceptance of suppositories and predicted cost increases
- NOX says it’s a move that will better utilise shareholder funds and maximise shareholder value
- The company also says the decision brings with it “sizeable” cost-savings to focus on its Chroma and Sofra assets moving forward, having shown early promise in important and growing patient markets
- Shares in NOX last traded at 11 cents
NSW-based biotech company Noxopharm (NOX) has announced its decision to prioritise the development of its two “cutting-edge” preclinical technology platforms moving forward – Chroma and Sofra.
The company said it’s a move that will better utilise shareholder funds and maximise shareholder value.
In making this decision, Noxopharm has decided to discontinue its two Veyonda trials, DARRT-2 and CEP-2, due to protracted timelines, low patient acceptance of suppositories, and predicted cost increases.
NOX Chairman Fred Bart said the decision to halt its two trials was not made lightly.
“We firmly believe investment into the preclinical pipeline is a prudent and lower-risk strategy while being more likely to deliver shareholder returns in the future,” he said.
“Our proprietary preclinical assets are being built from the ground up with novel characteristics, robust IP and encouraging commercial potential.”
The company cited that recent preclinical discoveries in its mRNA and pancreatic cancer programs have shown early promise in important and growing patient markets.
In September 2022, initial preclinical data from a therapy drug developed via its Chroma platform found that tumour cells decreased by up to 85 per cent and barrier cells were reduced by up to 87 per cent.
Noxopharm told investors it aims to accelerate this research moving forward, given the large global need for new pancreatic cancer treatments – an estimated US$4 billion market.
Additionally, the company’s Sofra platform showed “encouraging” early results, indicating strong activity against inflammation and the potential to make mRNA vaccines such as COVID ones safer, better tolerated and more cost-effective.
The mRNA market is growing fast and is expected to reach US$128 billion by 2030.
The company confirmed that the decision to end its Veyonda trials will result in “sizeable” cost-savings for the company to focus on its Chroma and Sofra assets.
Shares in NOX last traded at 11 cents.