Australia's Noxopharm Ltd. raised A$10.8 million to accelerate the clinical development of its cancer drug NOX66.

Under the share placement, the drug development company offered 12 million fully paid ordinary shares, priced 90 cents apiece, to sophisticated and institutional investors.

Settlement of 7,264,966 of the placement shares is expected to occur March 29. Issuance of the 4,735,034 remaining shares will be subject to shareholder approval.

Bell Potter Securities Ltd. was the lead manager and book runner for the placement, with APP Securities as co-manager.

NOX66 is a dosage formulation of experimental anti-cancer drug idronoxil.