As at 31 March 2020, Noxopharm had $2.04m in cash. Net cash used for operating activities during the quarter amounted to $3.1m, compared to $4.1m in the quarter to December 2019. The company made payments for research and development of $1.8m during the quarter.
An additional $410,000 cash inflow was received from the conversion of collateral shares in April 2020. The company is planning a capital raising to be undertaken in the next 4 weeks, full details of this will be announced to the market when available.
Noxopharm continues discussions with stakeholders including investment banks and fund managers across Australia and the US to assess partnering and corporate finance options. The Company will continue to seek a range of funding options including non-dilutive funding for its Veyonda and COVID-19 programs.
NOX Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
