Noxopharm Successfully Raises $1.5 Million via Placement

• $1.5M raised via Placement at $0.042 per share
• SPP to raise up to $1.0M for eligible shareholders
• Early conversion of $3.78M of Notes

Noxopharm Ltd, an Australian clinical-stage biotech company, has successfully raised $1.5 million through a Placement of new shares at $0.042 per share. The company will also offer a Share Purchase Plan (SPP) to eligible shareholders, aiming to raise up to $1.0 million. Additionally, Noxopharm has agreed to the early conversion of $3.78 million of Shareholder Convertible Notes. The funds raised will support the extension study for SOF-SKN in cutaneous lupus erythematosus patients, Investigational New Drug-enabling activities for the SOF-SKN Phase 2 trial, preclinical programs, working capital, and offer costs.

Noxopharm aims to leverage the funds to advance its clinical and R&D programs, particularly for its lead program SOF-SKN, targeting chronic inflammation and autoimmune diseases.