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 new investors in the form of convertible bonds which will convert to NOXXON 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. A financing of €200,000 was secured on these terms in addition to the €380,000 secured under this same investment vehicle in June 2018 and €400,000 from the ODIRNANE financing vehicle in June and July 2018.
“We appreciate the support of new investors who were attracted by the terms and conditions of the convertible loan. We continue to look actively for additional funds since the company needs to raise additional capital in the near-term, as noted in our Annual Report 2017. We are in active discussions with a number of investors and our financing priorities are first to secure near term clinical data by raising the maximum amount of €1 million authorized under this convertible loan vehicle, and then to finance a NOX-A12 clinical trial in first-line glioblastoma patients,” 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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