Why the Noxopharm (ASX:NOX) share price is bouncing up today // The Motley Fool Australia

The Noxopharm Ltd (ASX:NOX) share price launched up more than 7% today as the company released its report for the fourth quarter December 2020.

At the time of writing, the Noxopharm share price trading up 7.69% at 63 cents.

Let’s take a closer look at the clinical stage drug development company and what we learned from today’s announcement.

What’s lifting the Noxapharm share price today?

Noxopharm told the market today that it received $21.4 million net from the issue of shares during the December quarter. Another $201,000 was gained from shareholders exercising options. This resulted in cash reserves totalling $22.9 million at the end of the quarter.

The company spent a significantly less amount of money on operating…