Novogen shares tumble as cancer drug fails
Novogen Limited’s (NRT) shares slumped more than 50% Wednesday after its US subsidiary Marshall Edwards Inc, said its ovarian cancer drug had failed, during Phase 3 trials, to show any improvement in longevity for women suffering from the disease.
The company noted that only 142 out of a planned 340 patients were recruited for the trial.
CEO of Marshall Edwards, Daniel Gold, said that while he was disappointed with the result, he was not overly surprised considering the small number of patients in the trial.
“However, we remain confident that our investigational isoflavone platform, including triphendiol, a potentially more potent, second-generation analogue of phenoxodiol, may be of benefit to women with ovarian cancer, particularly when administered intravenously,” Dr Gold said.
Marshall Edwards is a specialist oncology company focused on the clinical development of anti-cancer therapeutics.
At 1550 AEST, Novogen shares were trading down 21c to 18.5c each.
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