New investment and debt conversion by new and existing investors sets company's post-money valuation at approximately $220 million, up 214% from previous funding round. Financing supports further expansion of NeOnc's NEO™ platform technology that has produced a patent portfolio of novel drug candidates and delivery methods for more effectively passing the blood brain barrier. Two Phase II and one Phase I clinical studies advance after several published studies indicate NEO™ drug viability as a delivery vehicle for chemotherapeutics and ability to beneficially effect brain cancer treatment. WESTLAKE VILLAGE, Calif., June 26, 2024 (GLOBE NEWSWIRE) --  NeOnc Technologies Holdings, Inc., a clinical-stage medical biotechnology company, has completed a $18.5 million financing to support the ongoing development and Phase I and II clinical studies of its novel drug and delivery methods designed to address the persistent challenges with overcoming the blood-brain barrier. The financing secured $4.5 million in new equity investment from existing and new investors. It also converted to equity all outstanding notes held by lenders along with accounts payable to University of Southern California (USC) totaling $14 million, thereby eliminating all outstanding short-term debt. The transactions were completed with the issuance of Class A common stock priced at $12 per share. The financing sets NeOnc's post-money valuation at approximately $220 million, an increase of 214% from the previous $10 million equity funding the company announced in February of last year. It brings the total amount of committed equity since inception to more than $31 million. The new financing supports further development and expansion of NeOnc's NEO™ platform technology that has generated an extensive patent portfolio. Secured under exclusive worldwide rights from USC, NeOnc's intellectual property portfolio includes 135 U.S. and international patents issued and patents pending. The company believes the funding also provides the financial and net equity requirements for a potential direct listing on a national stock exchange. "We believe this latest funding round and debt conversion demonstrates the strong confidence in our technology and future growth prospects expressed by both new and existing investors, as well as by our strategic research partners at USC," stated NeOnc executive chairman, Amir Heshmatpour. "It underscores our commitment to fortifying our financial position as we complete our current clinical trials. It also opens the door to a number of options we now enjoy for accessing the capital markets that would be most favorable to our investors and invested management team." According to NeOnc's founder, CEO and CSO, Thomas Chen, M.D., Ph.D.: "Most importantly, the funding supports our mission of improving and extending the lives of brain cancer patients by developing therapies that maximize the effectiveness and delivery of current standard-of-care drugs for brain cancer." Dr. Chen is a widely respected neurosurgery professor and medical expert who brings to NeOnc more than 30 years of medical and clinic research experience. ...