BERLIN--(BUSINESS WIRE)--Regulatory News:
NOXXON Pharma N.V. (Paris:ALNOX) (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), announced today that it has secured additional financing from existing investors in the form of a convertible bond which will convert to ALNOX shares at the terms of a future equity financing round, or starting on October 1st, 2018 at the investors option at the market price, which will be reset quarterly to the 10-day volume-weighted average price. The convertible bonds carry an interest rate of 7%, payable in shares upon conversion. €380,000 Euros were secured on these terms in addition to the recently secured €200,000 from the ODIRNANE financing vehicle.
“We are pleased by the continued support of existing investors. We remain committed to completing our clinical trial of NOX-A12 combined with Merck & Co./MSD’s Keytruda® in metastatic colorectal and pancreatic cancer patients and expect to be able to report completion of the recruitment in June with top-line data following shortly thereafter,” commented Aram Mangasarian, CEO of NOXXON Pharma.
NOXXON’s oncology-focused pipeline acts on the tumor microenvironment (TME) and the cancer immunity cycle by breaking the tumor protection barrier, blocking tumor repair and exposing hidden tumor cells. Through neutralizing chemokines in the tumor microenvironment, NOXXON’s approach works in combination with other forms of treatment to weaken tumor defenses against the immune system and enable greater therapeutic impact. Building on extensive clinical experience and safety data, the lead program NOX-A12 will deliver top-line data from a Keytruda® combination trial in metastatic colorectal and pancreatic cancer patients in 2018. The company plans to initiate further studies with NOX-A12 in brain cancer in combination with radiotherapy, for which an orphan drug status has been granted in the US and EU. The company’s second asset, NOX-E36 is a Phase 2 TME asset targeting the innate immune system. NOXXON plans to test NOX-E36 in pancreatic cancer patients both as a monotherapy and in combination. Further information can be found at: www.noxxon.com
Keytruda® is a registered trademark of Merck Sharp & Dohme Corp.
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