Interesting points from today’s webinar: Strategy is to make NOX...

Interesting points from today’s webinar:

• Strategy is to make NOX a highly valuable and compelling acquisition or partnering target
• IONIC
  • BMS paid US$ 3.36 BILLION in 2018 for a licencing deal with Nektar Therapeutics
  • BMS was very keen to join NOX in the IONIC study
  • Scans will be done every three months
  • There will be two or three interim reports in 2021
• DARRT
  • Results from DARRT-1 delighted Oncologists, especially 4/15 abscopal responses
  • DARRT – 2 will use twice the DARRT-1 amount of NOX66 each time, 2 weeks each month for six months
  • Higher, repeated dose levels of NOX66 will improve the likelihood of abscopal responses
  • DARRT-2 is not a registration study - first part is dose escalation against prostate, breast and lung cancers
  • DARRT-2 is designed to provide enough data for an acquisition
• LUPIN
  • Last of 56 patients completed treatment 20 weeks ago
  • Exceptional median survival of 17.1 months reported earlier was for sub-therapeutic dose levels
  • Survival data (including for highest dose level) to be presented to conference in February 2021
  • If results are as good as expected, should lead to major re-rate for Noxopharm

MY observations

• IONIC will provide data earlier than DARRT
  • RECIST response after three months a key proof-of-principle end-point
  • Assume BMS will be given progress reports
  • ANY positive response will be meaningful to BMS
  • We have an obvious partner ready to snap up Veyonda on the back of any success to keep us off-limits to Merck or Novartis
• DARRT will have a relatively cheap run-in phase, testing a range of higher NOX66 dose levels against a range of cancers
  • If BMS wants to acquire Veyonda, it will happen before the majority of DARRT trial costs are incurred
  • NOX will know IONIC results as well as DARRT results and will be able to leverage this knowledge in any license negotiation