Noxopharm Limited (ASX:NOX) is pleased to announce the placement of 12,000,000 fully paid ordinary shares to sophisticated and institutional investors at a price of $0.90 per share, to raise $10.8 million.
Noxopharm has raised the funds to enable it to accelerate the clinical development of its front-line drug, NOX66.
Commenting on the successful raising, Noxopharm Chairman, Peter Marks, said, “The offer was heavily oversubscribed, which meant having to scale-back share allocations. We take this as a sign of the growing market confidence in our technology and revenue opportunity. We also welcome a strengthening of the share register with a number of funds and investors with a history of cornerstoning strategic investments in healthcare.”
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