Why the Noxopharm (ASX:NOX) share price is jumping 14% higher today

While the S&P/ASX 200 Index (ASX: XJO) is slipping today, the Australian clinical-stage drug developer Noxopharm Ltd (ASX: NOX) is bucking the trend with its shares rising.

At the time of writing, the Noxopharm share price is up 14.13% to 52 cents.

Why is the Noxopharm share price increasing?

Cancer drug update

Noxopharm released a shareholder update to the market this morning pertaining to its drugs in development.

In the update, Noxopharm states that its immunotherapy drug, Veyonda, is emerging as a major new treatment. The company goes on to describe the potential value as ‘multi-billion dollar’, based on its ability to boost the effectiveness of all 3 current methods of cancer treatment: immune-oncology therapy,…