This note is an update to our initiation note. The company has commenced a comprehensive clinical trial program that will see the initiation of 7 clinical trials throughout 2017. The first clinical trial is underway which focuses on using NOX66 in conjunction with chemotherapy on patients with late-stage cancers. The company has determined through laboratory testing, that the behaviour of idronoxil in the body when delivered using the NOX66 formulation is vastly different than when idronoxil is delivered in other forms. The company has termed the form of idronoxil after being administered using the NOX66 formulation as “Idronoxil-C.” After raising $6m for the IPO, the company has $3.6m remaining which is expected to be sufficient to cover the expenses of the clinical trial program. If meaningful clinical responses result from the clinical trials, the company will need to raise additional capital to undertake further trials and progress the development of the drug . Given the early stage of development of NOX66, an investment in the company is highly speculative. However, the company has taken significant steps in the development of NOX66 since we initiated coverage on the company in November 2016.