Noxopharm Share Price Up on Promising Results (ASX:NOX)

At time of writing, the share price of Noxopharm Ltd [ASX:NOX] is up more than 8%, trading at 74 cents.

It’s a thoroughly bullish chart for the NOX share price, as you can see below:

Source: Tradingview.com

We look at the latest announcement out of the company and the outlook for the NOX share price.

Highlights from latest Noxopharm announcement

Here are the highlights from the latest announcement:

‘• Noxopharm claims emergence of a major new treatment for prostate cancer

• LuPIN drug combination of Veyonda and ¹⁷⁷Lu-PSMA-617 (Novartis) results in half of all patients surviving at least 19.7 months, a ground-breaking outcome for men with end-stage (Stage 4) disease and no remaining treatment options
• Data being presented to global cancer conference (11-13 February 2021)
• Noxopharm undertaking strategic discussions with respect to making LuPIN treatment a new standard of care
• Survival benefit exceeds that reported for any current standard of care treatment including one acquired by Pfizer in 2016 for US$14 billion’

The last bullet point probably has investors most excited.

Outlook for NOX share price

Biotech/pharmaceutical stocks, particularly small-caps, are notoriously volatile. The path from small-cap to pharma giant is littered with failures.

So, here’s a couple of key bits of information from the announcement to consider:

• ‘The LuPIN study enrolled a total of 56 patients with metastatic castration-resistant prostate cancer (mCRPC) whose cancer had progressed on all three standard lines of therapy for late-stage disease.’
• The study is an independent Phase I/II study

As with any early phase study, the sample size is small.

But it’s clear the results are promising.

The challenge for NOX will be to see these results confirmed in a larger sample size.

Looking at the chart for the NOX share price, you can see a lot of upwards momentum, with a bit of a sell-off starting mid-November.

This is standard fare for small-cap pharma companies.

Until I become an expert on niche cancer immunotherapy treatments, I will withhold judgement on the outlook for the NOX share price from a fundamental perspective.

Regards,

Lachlann Tierney,
For Money Morning