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Stocks of the Hour: Noxopharm, Redstone Resources, Lake Resources

Noxopharm (ASX:NOX) announces that the US FDA has granted Orphan Drug Designation (ODD) status to Noxopharm’s CRO-67 preclinical drug candidate, for the treatment of pancreatic cancer. Noxopharm CEO Dr Gisela Mautner said, “our pancreatic cancer program is a high priority, and we are committed to progressing its development as quickly as possible. Further studies are in the works, as are investigations into dosing and formulation.” Shares are trading 101.61 per cent higher at 12.5 cents.

Redstone Resources (ASX:RDS) announced it has entered into an exclusive binding agreement to acquire 100% of the Camaro, Taiga and Hellcat Projects as part of a 50/50 unincorporated joint venture with Galan Lithium (ASX:GLN). Commenting on the announcement, Chairman Mr Richard Homsany said, “Galan is a highly experienced lithium exploration business that will bring to the table considerable technical depth and expertise as we aim to accelerate our exploration efforts in the region.” Shares are trading 25 per cent higher at 1 cent.

Lake Resources (ASX:LKE) has announced that further drilling at their Flagship Kachi Project has revealed higher lithium grades and large vertical extension of lithium-bearing brine. In response, David Dickson, CEO of Lake Resources, commented, “with this second hole intercepting brine between the current bottom of the measured and indicated resource at 400 m to more than 600 m, it is becoming clear that there remains significant upside for the deposit.” Shares are trading flat at 17.5 cents.

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