The Noxopharm Ltd (ASX:NOX) share price launched up more than 7% today as the company released its report for the fourth quarter December 2020.
At the time of writing, the Noxopharm share price trading up 7.69% at 63 cents.
Let's take a closer look at the clinical stage drug development company and what we learned from today's announcement.
What's lifting the Noxapharm share price today?
Noxopharm told the market today that it received $21.4 million net from the issue of shares during the December quarter. Another $201,000 was gained from shareholders exercising options. This resulted in cash reserves totalling $22.9 million at the end of the quarter.
The company spent a significantly less amount of money on operating activities for the period. Noxopharm reports that net cash used in operating activities during the December quarter amounted to $2.6 million, compared to $3.3 million in the September quarter.
Research and development (R&D) activity costs also dropped down in the December quarter coming in at $1.4 million, compared to $1.6 million for the September quarter.
Looking ahead, Noxopharm expects to receive a cash rebate in excess of $4 million coming from the Federal Government's R&D tax incentive rebate scheme.
More about Noxopharm
Noxapharm's primary focus is on the development of Veyonda to boost the effectiveness of all 3 current methods of cancer treatment: immune-oncology therapy, radiotherapy and chemotherapy.
The company currently has two major clinical programs under way – the DARRT program and the LuPIN program.
According to Noxopharm, the purpose of the programs is "to establish Veyonda as an essential adjunct to radiotherapy in the treatment of prostate cancer".
The Noxopharm share price skyrocketed 14% earlier this month on news that Veyonda is emerging as a major new treatment based on its ability to support all current methods of cancer treatment.
In addition to the DARRT and LuPIN programs, the company is planning to recruit for a third study, IONIC. Furthermore, Noxopharm's NOXCOVID-1 study has also been progressing.
