The market opportunity for Noxopharm's compound, NOX66, is significant with sales of oncology drugs worldwide in excess of US$100b. The top 10 selling chemotherapy drugs in 2015 generated sales of in excess of US$40b. If the clinical trials show that the use of NOX66 in conjunction with cancer treatments reduces or eliminates the drug resistance of the treatment and improves response rates, this opens up a significant market for the company and provides a platform for the company to create a portfolio of anti-cancer treatments. The Managing Director has significant experience with this compound for in excess of 20 years and has used it in clinical trials without any safety concerns. Dr. Kelly believes he has discovered the delivery method and formulation of Idronoxil that will result in NOX66 delivering the desired results. In the event there is a meaningful response from the impending clinical trials, the market opportunity for NOX66 is significant. With 95% of all oncology drugs failing to receive approval, an investment in NOX is highly speculative. We attach our initiation note on the company.