Noxopharm (ASX:NOX) has announced it has raised additional working capital by disposing of its entire shareholding in Nyrada (ASX:NYR).
Noxopharm stated that the sale has generated nearly $2.5 million in non-dilutive funds, enabling the company to continue pursuing its objectives, including initiating the upcoming HERACLES clinical trial and investing in its research and development (R&D) pipeline.
Noxopharm CEO Dr Gisela Mautner said, “Over the past 18 months we have gained significant momentum, and the sale of these shares will support our operations as we continue to invest in our innovative technology. “We would like to thank Canary Capital for their assistance in completing this transaction and are grateful for their support throughout this process.”