Noxopharm : June 2022 Quarterly Activities Report and Appendix 4C

Noxopharm Limited. ABN 50 608 966 123

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will put us in the best position to maximise the value of our technologies as they reach key inflection points and deliver that value to our shareholders.''

Veyonda® Clinical Program Focus

Enrolment of the second dose cohort of the DARRT-2 Phase 2 clinical trial (Veyonda in combination with low-dose radiotherapy) continued during the quarter. The safety results for the 1200mg dose are expected in early August, and enrolment for the next dose level (1600mg) will commence immediately thereafter.

In line with Noxopharm's strategy, recruitment continues at high-ranking hospitals including at the MD Anderson Cancer Center, consistently ranked in the top 10 cancer treatment centres in the US, and at the prestigious Beverly Hills Cancer Center in California.

Top-ranked US cancer hospital City of Hope Cancer Center in Los Angeles has completed enrolment of the first dose cohort of the CEP-2 Phase 1 study (Veyonda and chemotherapy drug doxorubicin). Recruitment is ongoing and additional prestigious sites in the US have recently joined the study. The Mayo Clinic, one of the world's best-known medical providers, is participating in the CEP-2 trial with two sites - the Mayo Clinic in Rochester, Minnesota, which is the original and largest Mayo Clinic campus, as well as the Mayo Clinic in Florida. Additionally, Washington University's School of Medicine in St. Louis, a leader in medical research, teaching and patient care, is also recruiting. The next safety results for the trial are expected in the next few weeks.

Regarding the IONIC trial, patient enrolment is progressing steadily. This trial is a Phase 1, proof-of- concept trial combining Veyonda with Bristol Myers Squibb's checkpoint inhibitor nivolumab (Opdivo®), which is underway in a number of Australian hospitals. The final site is expected to be activated shortly.

Despite frequently reported global issues with supply chains, Noxopharm can report there have been no concerns with the ongoing manufacturing of Veyonda. It continues to be successfully shipped to warehouses in San Diego and Berlin, for subsequent distribution to US and European clinical study sites that are involved with the DARRT-2 and CEP-2 studies. Ongoing analytical work has allowed the company to increase the shelf life of Veyonda to two years, with the current data confirming good stability of both idronoxil and Veyonda. This allows greater latitude with manufacture, warehouse storage, shipping and supply, and consequently de-risks potential future supply chain concerns.

In wider news, the American Society of Clinical Oncology (ASCO) published a research abstract relating to idronoxil, the active ingredient in Veyonda, confirming its immunomodulatory properties. Importantly, Idronoxil in combination with the chemotherapy agent cisplatin was found to change the tumour environment from 'cold' to 'hot'. It was reported to be significantly more effective against nasopharyngeal carcinoma cells than the control, and the combination had improved anti-cancer activity compared to cisplatin alone.

Chroma™ and Sofra™

The Noxopharm Chroma™ technology platform is evaluating multiple candidates in preclinical studies. These drugs share specific and novel bioactive properties, which Noxopharm has expertise in developing to address multiple important targets, primarily for anticancer treatments.

Noxopharm Limited. ABN 50 608 966 123

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Noxopharm has identified from its proprietary drug library a lead drug candidate for further development as a treatment for pancreatic cancer. This lead drug candidate in the Chroma™ platform is currently being studied in the University of NSW's state-of-the-art pancreatic tumour model. Results from this important study are anticipated to be released in the third quarter of calendar year 2022.

The Sofra™ technology platform is Noxopharm's pipeline of new proprietary drugs for inflammation and autoimmunity based on oligonucleotides (short nucleic acid sequences; the building blocks of DNA or RNA). During the quarter, the Company announced two grants that directly support its research and drug development program relating to the Sofra™ platform.

The first grant saw Noxopharm collaborator Hudson Institute of Medical Research receive a Victorian Government A$1.45 million grant to fund the joint development program of research aiming to identify novel drug compounds that dampen harmful excessive inflammation associated with COVID- 19 infection. Noxopharm's wholly owned subsidiary, Victoria-registered Pharmorage Pty Ltd, is named on the grant as the collaborator that will design and synthetise the compounds with the view of commercialising any promising drug candidates generated by the research, in COVID-19 or in broader inflammatory indications, under the Sofra™ technology platform.

The second grant was a A$100,000 award from the mRNA Victoria Research Acceleration Fund, again to Hudson Institute, for a study into RNA-based therapeutics for the treatment of autoimmune disease. Noxopharm will match this funding, making an investment of A$100,000 with a view to progressing promising drug candidates. Pharmorage is collaborating with Hudson Institute and the Australian National University on this project to explore TLR7-driven autoimmune disease. Autoimmune and auto-inflammatory disorders affect as many as 5% of Australians, with uncontrolled inflammation contributing to many chronic health issues. The focus of the research funded by this grant is lupus, an autoimmune disease that causes a range of debilitating conditions, severely impacting quality of life and life expectancy.

Both grants reflect Noxopharm's collaborative approach to R&D, and its strategy of partnering with specialised and highly respected organisations that can deliver critical expertise to the drug discovery process.

Financial Update

• • As at 30 June 2022, Noxopharm had A$14m in cash.
  • The current cash position of ~A$14m meets the Company's forecast funding needs.
  • We expect to receive a significant R&D rebate towards the end of the year.
  • Net cash from operating activities during the quarter amounted to A$4.1m, compared to operating inflows of A$1.5m in the quarter to 31 March 2022 (the March quarter saw positive cash from operations due to the R&D rebate being received). The company made payments for research and development of A$2.3m during the quarter, compared to A$2.6m in the March 2022 quarter.
• In accordance with Listing Rule 4.7C, payments made to related parties and their associates included in items 6.1 of the Appendix 4C includes Director fees and salary (including superannuation) for executive directors and related parties.

Noxopharm Limited. ABN 50 608 966 123

Level 20, Tower A, The Zenith, 821 Pacific Highway, Chatswood NSW 2067 AUSTRALIA

Noxopharm Limited. ABN 50 608 966 123

Level 20, Tower A, The Zenith, 821 Pacific Highway, Chatswood NSW 2067 AUSTRALIA