Noxxon Pharma N.V. (EuroNext Growth Paris: ALNOX) agreed with Atlas Special Opportunities, LLC (ASO) to extend an existing financing agreement by up to 17 million euros. This will be in the form of equity-linked securities and the issuance of 2,419 convertible bonds with an aggregate principal amount of €2.419 million.

With its foundation in 1997, the biotechnology company Noxxon can look back on a long company history - and yet is currently at an important milestone in product development: With its focus on improving cancer therapies by targeting the tumor microenvironment, Noxxon is currently operating in a hotly contested field. This is because in many cases, especially in solid tumors, the highly praised immunotherapies do not reach the tumor cells effectively enough but are literally shut down in the microenvironment.

The secured financing now provides the Berlin-based company with the necessary leeway to tackle the special challenges in tumor indications that are difficult to treat. "This capital increase strengthens Noxxon's funding, allowing us to focus on achieving key operational goals. These include completing the ongoing Phase 1/2 GLORIA trial of NOX-A12 in glioblastoma, advancing the expansion arms of the GLORIA trial to test additional combinations, and initiating two new studies: a pivotal Phase 2/3 trial in glioblastoma and a Phase 2 trial in pancreatic cancer," commented Bryan Jennings, of Noxxon. This means that corporate funding is secured for almost all of 2022, he added. The company had made it clear in 2021 with a whole series of personnel announcements that experienced pharma professionals think highly of the Berlin-based company's approach.

The flexible convertible bond agreement with ASO originally dates from April 2020, with an initial increase at the end of 2020. A total of 17 additional tranches, each with a nominal value of €1 million, will now be added to the convertible bond facility after drawing down the currently available financing framework. In total, ASO is thus making EUR 27.5 million available to the Berliners.