Noxopharm Obtains $1.8 Million in Funding Ahead of R&D Rebate

2 min read | September 09, 2024 02:19 PM AEST | By Team Kalkine Media

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Noxopharm Obtains $1.8 Million in Funding Ahead of R&D Rebate — Image source: shutterstock

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Noxopharm Ltd (ASX:NOX) has secured $1.8 million in advanced funding through a secured loan agreement with Endpoints Capital Pty Ltd, a specialist in R&D finance for the life sciences sector. This loan is backed by an anticipated rebate from the Australian Government's research and development (R&D) Tax Incentive Scheme, with the rebate projected to yield approximately $2.3 million for the previous financial year. The loan comes with an annual interest rate of 15.80%.

The funding will support Noxopharm's ongoing efforts to advance its Sofra and Chroma platforms, which focus on innovative treatments for cancer and inflammation. The company, known for its clinical-stage research, is working on several groundbreaking projects, including technologies designed to enhance mRNA vaccines.

The Chroma platform has recently showcased the efficacy of its CRO-70 and CRO-71 drug candidates. These compounds have demonstrated the capability to reduce glioblastoma explants—cancer cells grown outside the human body—by an average of 75.94% and 75.87%, respectively, compared to untreated controls. Additionally, the CRO-67 drug, targeting pancreatic cancer, has shown promising results in reducing pancreatic tumors and barrier cells in pre-clinical models.

The Sofra platform is preparing to initiate a first-in-human Phase 1 trial for the SOF-SKN™ drug candidate. This trial, known as the HERACLES study, aims to evaluate the platform’s potential in treating autoimmune diseases. Noxopharm has also entered into multiple material transfer agreements (MTAs) with various biotech firms. These agreements are set to advance the development of a novel class of immunomodulators that have the potential to enhance mRNA vaccines and therapeutics, with applications spanning autoimmune diseases.

Through these strategic initiatives, Noxopharm is making significant strides in the field of biotechnology. The company’s innovative approaches and collaborations underscore its commitment to advancing treatment options and addressing critical medical needs.

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