Here's why the Noxopharm (ASX: NOX) share price leapt 7% today

The drug development comany has reported on its clinical trial for cancer treatment.

| More on:
A group of medical researchers stands side by side with each other wearing white coats in their research laboratory with scientific equipment in the background.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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 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.

More on Healthcare Shares

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Healthcare Shares

Is this beaten-down ASX healthcare share a bargain buy now?

One expert has given their view on this stock.

Read more »

drug capsule opening up to reveal dollar signs signifying rising asx share price
Healthcare Shares

3 ASX healthcare shares going gangbusters on Thursday

Investors are sending these ASX healthcare stocks soaring today. But why?

Read more »

Two lab workers fist pump each other.
Healthcare Shares

Is it time to cash in on Sigma shares?

Shares have extended after the Chemist Warehouse merger.

Read more »

Person holding Australian dollar notes, symbolising dividends.
Healthcare Shares

Buy this ASX 200 share that is swimming in cash

Bell Potter sees potentially big returns on offer from this cashed-up stock.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

Are CSL shares a buy after the biotech's FY25 forecasts?

Brokers continue to weigh in.

Read more »

Female pharmacist smiles with a digital tablet.
Healthcare Shares

Are Wesfarmers or Sigma shares a better buy in the pharmacy arena?

These two stocks are both leaders in the industry.

Read more »

A young man goes over his finances and investment portfolio at home.
Healthcare Shares

Down 20%, is the NIB share price undervalued?

Here's what Goldman Sachs is saying about this blue chip stock.

Read more »

four excited doctors with their hands in the air
Healthcare Shares

Sigma Healthcare shares rocket 39% on Chemist Warehouse merger approval

The ACCC doesn't believe the company's merger with Chemist Warehouse will lessen competition.

Read more »