- Important progress reported across the Nyrada therapeutic pipeline
- Potential first-in-class drugs in development for multiple large underserved indications, including cardiovascular disease, stroke and peripheral neuropathy
SYDNEY, Australia, Oct. 04, 2018 (GLOBE NEWSWIRE) -- Noxopharm (ASX: NOX) today releases a Report sent to the Convertible Note holders who in February 2018 provided $4 million in seed funding to Noxopharm subsidiary, Nyrada Inc. The Report provides an update on the Company’s progress over the last quarter across its three non-oncology drug development programs.
Graham Kelly, Noxopharm CEO, said, “We established Nyrada twelve months ago with a mission to efficiently advance three drug development programs with significant long-term potential. Each program was promising, but certainly very early-stage. These three programs now have matured into highly valuable assets that are attracting global industry attention, particularly since they have the potential to be first-in-class therapies in areas of high unmet need. The advancement of these programs represents an important milestone for the Noxopharm Group as we transition to a drug development company with assets across a broad spectrum of underserved therapeutic indications. We look forward to numerous potentially value-creating milestones as we advance these promising drug candidates into formal clinical development.”
NYX-330 is a small molecule PCSK9 inhibitor designed to augment standard-of-care statins to further lower cholesterol levels in the significant proportion of patients (70 million in the US) considered to be at high risk of cardiovascular disease. The market opportunity for NYX-330 is to become a companion drug to match the US$19 billion annual global statin market.
NYX-104 is a neuroprotectant drug designed to cross the blood-brain barrier and to protect the brain from excitotoxicity, a form of secondary damage following stroke or traumatic brain injury. NYX-104 is being developed to reduce post-stroke brain injury that currently contributes to two-thirds of recovering stroke patients to require assisted living for the remainder of their lives.
NYX-205 is an anti-inflammatory drug designed to cross the blood-nerve barrier and treat chronic inflammation, pain and loss of function in peripheral nerves of patients with peripheral neuropathy. Approximately 20% of diabetic patients suffer from peripheral neuropathy, marking a large and growing global market opportunity.
Each program is in the preclinical ‘lead optimisation’ phase. First-in-human studies are on track to commence early-2020.
About Noxopharm
Noxopharm is a clinical-stage Australian drug development company with offices in Sydney and Hong Kong. The Company has a primary focus on the development of Veyonda® as a radio-sensitiser/immuno-stimulant, plus a developing pipeline of non-oncology drugs.
Investor & Corporate Enquiries:
Prue Kelly
M: 0459 022 445
E: info@noxopharm.com
Company Secretary:
David Franks
T: +61 2 9299 9690
E: dfranks@fa.com.au
Forward Looking Statements
This announcement may contain forward-looking statements. You can identify these statements by the fact they use words such as “aim”, “anticipate”, “assume”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “plan”, “should”, “target”, “will” or “would” or the negative of such terms or other similar expressions. Forward-looking statements are based on estimates, projections and assumptions made by Noxopharm about circumstances and events that have not yet taken place. Although Noxopharm believes the forward-looking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the Company’s control that could cause the actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statement. No representation, warranty or assurance (express or implied) is given or made by Noxopharm that the forward-looking statements contained in this announcement are accurate and undue reliance should not be placed upon such statements.