NovAccess Global Announces $10.7 Million Financing

About this update from Novaccess Global Inc.

Establishes Strong Financial Base To Advance Development of Novel Cancer ImmunotherapiesCLEVELAND, OH / ACCESSWIRE / January 2, 2024 / NovAccess Global Inc. (OTCQB:XSNX), a biomedical company developing novel immunotherapies for brain tumor patients, today announced it entered into a securities purchase agreement with an affiliate of Sumner Global LLC ("Sumner") for a total financing of $10.7 million. Pursuant to the agreement, Sumner agreed to purchase 33.0 million newly issued shares of the Company's unregistered common stock at $0.11 per share, for a $3.63 million cash investment payable on or before January 31, 2024, subject to a financing contingency. In addition, Sumner agreed to make an additional investment of $7.05 million in the form of a convertible note in two tranches, with $3.05 million on February 15, 2024, and the remaining $4.0 million on March 15, 2024, subject to a financing contingency. These notes are convertible into common shares at $0.11 per share. Additional terms of the financing are included in the company's Form 8-K filing with the U.S. Securities & Exchange Commission."About 20,000 patients are diagnosed with a malignant brain tumor each year in the US. The 15-18 month average survival of these patients highlights the need for new and less toxic treatments such as our new and potentially more effective form of immunotherapy, TLR-AD1. Our most significant financing to date allows us the opportunity to bring an exciting new and potentially more effective form of immunotherapy to malignant brain tumor patients, with the goal of substantially extending their survival but also improving their quality of life. In just a few years the market to treat these patients is estimated to be well over a billion dollars. These cancer patients need the hope and promise that novel immunotherapies bring. Sumner shares our vision and realizes the potential of our novel cancer immunotherapies," said NovAccess Global's Chief Executive Officer Dr. Dwain K. Irvin. Dr. Irvin added, "We are excited to be moving forward with Sumner in achieving our goal of improving the quality of care for cancer and neurological patients worldwide"Sumner is a global company that has created value across a diverse range of assets focusing on the procurement of products and services for governments and corporations around the world with ...

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