St Vincent’s Hospital LUPIN Study PR, page-28

Pohutukawa,

While it is true that there is a dispute about the ownership of LuPSMA, it would be a great surprise if a giant company like Novartis, with an army of lawyers, bought Endocyte without doing their due diligence. But if you think about it, does it matter who owns LuPSMA?

Veyonda improves the performance of LuPSMA and can be expected to have a similar effect for all the other radionuclides under development. There would be a compelling case for every patient, for every indication, to add Veyonda to their treatment, if they could.

To do this on a large scale, Veyonda needs to be registered by the FDA for any indication, after which it can be use 'off-label'. Noxopharm seems to think that treatment of the rare disease sarcoma offers the quickest route, but I expect that they will be processing DARRT-type treatment in parallel, especially now that they have access to cash.

But before NOX can conduct clinical trials in the US it will need to get an IND from the FDA - approval to administer an Investigational New Drug to humans. Noxopharm has already established in other countries that Veyonda is safe to use in humans, but the FDA has a process that must be followed. All this takes time.

While this process takes place, Noxopharm is enhancing the attractiveness of Veyonda to investors - and to potential partners. We already know that Veyonda is safe to use, can be used repeatedly, does not require hospitalisation if used in combination with external radiation, allows a chemotherapy dose to be reduced without affection efficacy, and lately we have learnt that Veyonda reactivates dormant immune cells and gets them to seek and destroy cancer cells throughout the body.

It seems to me that Noxopharm is pursuing a well-thought-out strategy that is able to adapt if compelling information comes to light. A speculator might like to see spikes in the SP, but an investor likes to see solid development and blue sky potential. My view is that we have that in spades, in Noxopharm.