The Noxopharm Ltd (ASX: NOX) share price is on the rise today after a clinical trial update.
Noxopharm shares hit an intraday high of 39 cents, a 6.85% gain, before settling at 37 cents at the time of writing, up 1.37%.
Noxopharm is a drug development company working on treating cancer and septic shock.
What did Noxopharm announce today?
It seems investors were responding to an update from the company on a cancer treatment trial.
The company has recruited its first group of patients for its Direct and Abscopal Response to Radiotherapy (DAART-2) phase two clinical trial.
DARRT is a cancer treatment that combines Novopharm’s Veyonda drug candidate and a low dose of external beam radiotherapy.
The patients receiving the treatment are suffering from a range of cancers including prostate, breast, and lung.
The patients are enrolled at the Beverly Hills Cancer Centre in Los Angeles and the MD Anderson Cancer Centre in Houston.
Noxopharm said the momentum of patient and site recruitment is on the rise, with a first Australian trial site also now open for enrolment.
The company aims to recruit 100 patients across Australia, the United States, and Europe for this trial.
Management comment
Commenting on the announcement that may have impacted the Noxopharm share price, company Chief Medical Officer Dr Gisela Mautner said:
This phase two study builds on our phase one trial where we saw promising signals that it may be possible to achieve cancer reduction through the abscopal response.
A combination of Veyonda and low-dose radiation therapy would be a very important new treatment option for cancer patients worldwide…
Noxopharm share price snap shot
It’s been a tough year for shareholders in the drug development company. The Noxopharm share price has fallen more than 23% in the past 12 months, plunging 24% this year to date.
In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 11% in the past year.
Shares in the company reached a 52-week high of 95 cents, while the low was 36.5 cents.
The post Here’s why the Noxopharm (ASX: NOX) share price leapt 7% today appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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