NeOnc Technologies Holdings (NASDAQ: NTHI) announced a $15 million registered direct offering priced at-the-market under Nasdaq rules, according to a company statement. The deal involves new and existing healthcare-focused institutional investors and includes 3.57 million shares, or pre-funded warrants in lieu of shares, along with warrants covering an additional 3.57 million shares at a $4.20 exercise price.

The financing follows positive topline results from NeOnc's NEO100 Phase 2a study in patients with recurrent or progressive Grade III and Grade IV IDH1-mutant glioma, reported on August 12. Six-month progression-free survival was 48.9%, above the prespecified 20% benchmark, with a p-value of 0.0047. Median overall survival was 26.09 months, and 86.7% of patients were alive at six months. Five of 24 patients remained on treatment at the time of reporting.

The Phase 2a study was small and open-label. NeOnc plans to request a Type B meeting with the FDA to discuss a potential registrational pathway for NEO100.

The company is also developing NEO212, which completed Phase 1 with a recommended Phase 2 dose of 610 mg. In June, NeOnc received UAE IND approvals for both NEO100 and NEO212, covering adult and pediatric development programs. NEO100 is an intranasal formulation of purified perillyl alcohol intended to address drug delivery to the central nervous system.

CEO Amir Heshmatpour purchased 15,000 shares in August for approximately $58,600, bringing his disclosed open-market investment to more than $500,000. Director Thomas Chen, M.D., Ph.D. reported purchases of 33,787 shares on August 14 and 2,472 shares on August 17.

This article is based on a paid press release issued by 24/7 Market News, which disclosed it is compensated by NTHI for news coverage and market outreach services.