Noxopharm spins off Nyrada pharma group

Metastatic cancer treatment biotech Noxopharm (ASX NOX) has successfully listed its Nyrada Inc spin off on the Australian Stock Exchange.

Noxopharm, which is focusing on commercialising its Veyonda treatment for late-stage cancers, listed Nyrada to develop non-oncology drug prospects developed by the group.

Nyrada is listed as a foreign company on the ASX through the issue of CHESS depositary interests (CDIs), which give the new company a market capitalisation of $22 million.

Noxopharm retains a 30.5 per cent stake in Nyrada, which raised $8.5 million in its IPO.

Nyrada is developing drugs to:

# lower cholesterol in patients unresponsive to statins

# reduce brain damage from stroke or traumatic brain damage

# reduce inflammation in peripheral nerves affected by crush injuries

# and to reduce chronic inflammation.

Noxopharm CEO Graham Kelly said the two companies were now completely functional.

Kelly said: “The intention is that they will continue to cooperate closely for the immediate future as a result of significant cross-over between their respective assets.

“I see this symbiotic relationship as one of the great strengths of this IPO, doubling the development and discovery opportunities for both companies.”

Noxopharm’s Veyonda has been designed to treat patients with late-stage, progressive and that have limited survival prospects.

Picture: Noxopharm

Subscribe to our free @AuManufacturing newsletter here.