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.
"Noxopharm believes it understands the cause of that failure and what is required to overcome it. NOX66 is the result of that belief."
The clinical trial planned for the European country of Georgia could set the stage for an immediate Phase IIa if successful, the company said.
In July of last year, Kelly left Nasdaq- and ASX-listed Novogen in an abrupt manner following what the company said was a promising in vivo proof of concept study for anti-tropomyosin drug candidate Anisina, CHLA20, in combination with vincristine in the U.S., a candidate also aimed at increasing the effectiveness of chemotherapy.
- here's the release
Abrupt departure of Novogen CEO followed upbeat Anisina presentation