Noxopharm (ASX:NOX) said BioRay Pharmaceutical found positive results as part of its investigation into the use of Noxopharm's oligonucleotides as targeted drugs in the context of antibody-drug conjugates, according to a Wednesday Australian bourse filing.

The results showed that conjugation to a specific Noxopharm oligonucleotide could be achieved and that the conjugated drug significantly improved the performance of one of BioRay's antibodies designed to target autoimmune disease, further reducing inflammation, represented by a key biological marker.

BioRay plans to conduct further studies with its drugs and Noxopharm's assets.

In 2024, Noxopharm signed a material transfer agreement with BioRay, which is active in China's biopharmaceutical industry.