NOXXON Pharma N.V. (Euronext Growth Paris: ALNOX), a biotechnology company focused on improving cancer treatments by targeting the tumor microenvironment (TME), provided a corporate update on its measures in response to the potential impact of COVID-19 on business operations and its ongoing brain cancer clinical trial.
As requested by the European Medicines Agency (EMA) in its guidance from March 20, 20201, NOXXON has critically assessed the risks and benefits of therapy continuation and inclusion of new trial participants in its clinical trial of NOX-A12 combined with radiotherapy in first-line brain cancer patients. Following a thorough evaluation and discussion with the coordinating investigator, as well as other partners involved in the trial, it has been decided to continue both the treatment of enrolled patients and recruitment of additional patients. The safety of patients, hospital staff and employees, as well as the severity of the disease under study and the limited options currently available for treatment were important factors in this decision. All centers will continue treatment of already enrolled patients and two of the three centers are recruiting new patients as planned. As there have been delays due to COVID-19 as well as other factors, NOXXON is now planning to add centers to the trial to increase recruitment capacity.
Operationally all NOXXON staff have the capacity to work remotely and are able to carry out their functions. Physical presence and face-to-face meetings have been replaced by telephone or video-conference interactions when feasible, while retaining the capacity of the company and its partners to support clinical trial sites. The need to continue working remotely will be regularly assessed and is subject to applicable governmental regulations.
Financial reporting is on schedule and publication of the Annual Report 2019 is planned before the end of April 2020. Financing discussions continue to advance with interested investors despite the market situation and restrictions on travel. The company has noted a shift in the types of investors considering financing small-cap European biotech companies as a result of recent global events. As such, while management remains confident in its ability to continue financing the company, it believes that significant capital increases via private placement are less likely to be achieved than alternative financing solutions in the near-term.
For more information, please contact:
NOXXON Pharma N.V.
Aram Mangasarian, Ph.D., Chief Executive Officer
Tel. +49 (0) 30 726247 0
Gretchen Schweitzer or Joanne Tudorica
Tel. +49 (0) 89 2388 7730 or +49 (0) 176 2103 7191
Tel. +33 (0) 1 44 71 00 15