Kazia still linked to Novogen founder who now runs Noxopharm...DYOR
Sydney, 19 March 2019 – Kazia Therapeutics Limited (ASX: KZA; NASDAQ: KZIA), an Australian oncology-focused biotechnology company, is pleased to announce that it has entered into an arrangement to sell the remainder of its holding in the ordinary shares of Noxopharm Limited via a single block trade. Kazia expects the transaction to yield proceeds of approximately $2.1m, bringing the total gross proceeds from sale of our holding to approximately $2.4m. The proceeds of the transaction will be applied to Kazia’s own R&D programs, each of which will be yielding important data read-outs in Q2 calendar 2019. Kazia retains 3 million unlisted options in Noxopharm, with an exercise price of $0.80
Former Novogen ($NVGN) CEO Graham Kelly is raising money for a new Australian biotech called Noxopharm that is said to be ready with a Phase I oncology candidate, NOX66 (idronoxil), for later this year that also follows a path of a drug touted by his former firm to overcome chemotherapy resistance.Kelly hopes to get up and running with AU$6 million via an initial public offering on the Australian Stock Exchange (ASX) of 30 million shares at $0.20 each, the company said in a statement."NOX66 is an innovative dosage form of the drug candidate, idronoxil. Idronoxil overturns drug-resistance mechanisms, but has failed in clinical studies to reproduce the potency observed in the laboratory," the company said in the release.
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