Health: Noxopharm climbs 40pc after US FDA green lights trials of prostate drug

Prostate cancer fighting biotech Noxopharm (ASX:NOX) went for a run this morning on news the American regulator has approved its Investigational New Drug (IND) Application.

Receiving IND approval means the company can conduct clinical research in the US on its Veyonda drug, specifically in combination with doxorubicin, in patients with soft tissue sarcomas.

Sarcomas are rare cancers that can develop anywhere and, unlike common prostate cancer, develops from muscle cells in the prostate rather than cells that line the prostate.

An IND approval is granted once the US Food and Drug Administration has deemed a drug to be safe and well-tolerated.

Noxopharm is already trialing Veyonda in Australia in late-stage prostate cancer patients.

And is now planning a phase 1b study in adults with soft tissue sarcomas in the US.

While the company will need further funding, it said non-dilutive funding would be sought.

Shares rose over 40 per cent at market open but remain off the highs reached in the second quarter of last year.

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In other ASX health news today:

Holista CollTech (ASX:HCT) announced this morning it was developing a nasal sanitising balm which could help fight the coronavirus. The balm will use an ingredient called Path-Away, which has killed all previously tested coronavirus types. Production will begin by the third quarter of this year.

The company also said this morning it was battling hard to keep up with the orders for its NatShield hand sanitiser. It has been overwhelmed with orders in recent weeks.