• AU$2,400,000 extension of existing convertible security Agreement
• Short-term funding earmarked for pharmacokinetic study
SYDNEY, December 3rd, 2019: Noxopharm Ltd (ASX:NOX) is pleased to announce that it has secured an increase to its existing funding agreement (the ‘Agreement’) with two New York institutional investors:
– Lind Global Macro Fund, LP, managed by The Lind Partners, LLC and
CST Investment Funds (the ‘Investors’). The Agreement increase comprises a A$2,400,000 (face value) secured convertible security with a lock-up period until 30 March 2020.
The Company has raised this bridging capital to fund a small study in healthy volunteers required by the FDA. The study has commenced and will finish in Q1 2020. The study will provide required data on drug bio-availability and pharmacokinetic profiles in support of the Company’s planned IND application for DARRT-2/DARRT-3 clinical trials, based on the positive DARRT-1 clinical data released by the Company on 2 December, 2019.
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