Noxopharm Ltd (ASX:NOX, OTC:NOXOF) has strengthened its cash position, receiving a A$6.052 million rebate under the Australian Government Research and Development (R&D) Tax Incentive scheme for expenditure during the last financial year.
The company, which is trading with a A$36.53 million market capitalisation, expects the funding to support its “encouraging” Chroma™ and Sofra™ R&D pipelines.
Noxopharm CEO Dr Gisela Mautner said: “We are rapidly advancing our Chroma™ and Sofra™ pipeline, and have made significant progress on both fronts over the past 12 months as we continue to transform the company.
“We welcome the Federal R&D rebate as it helps companies like us grow our assets, develop intellectual property and contribute to Australia’s economy.”
Technology platforms
Noxopharm is developing novel treatments for cancer and inflammation, utilising specialist in-house capabilities and strategic partnerships with leading researchers to build a growing pipeline of new proprietary drugs based on two technology platforms – Chroma™ (oncology) and Sofra™ (inflammation, autoimmunity, and mRNA vaccine enhancement).
The drug candidates in the company’s Chroma™ technology platform predominantly signal anti-cancer activity, with several of the drug candidates having the potential to block inflammation as well. Preclinical models have delivered positive pancreatic cancer drug data.
The Sofra™ platform is focused on developing a novel class of immunomodulators capable of improving mRNA vaccines and mRNA therapeutics as well as treating autoimmune diseases. Studies on Sofra’s most advanced preclinical asset, SOF-VAC™, have also had positive results.