Shares of Novogen Limited (ADR) NVGN soared over 100 percent in Tuesday’s pre-market following news that the company’s lead product is effective in use against melanoma
According to the press release, TRXE-009, originally developed for the treatment of brain cancers, has been shown in pre-clinical studies also to be highly active against melanoma.
The Company believes this is an important breakthrough discovery for two reasons. The first is that it confirms that TRXE-009 is an important new potential treatment for melanoma, including for the treatment of secondary brain cancers due to melanoma, for which there currently are no effective therapies. The second is that it offers evidence for the first time of an hypothesized link between brain cancer and melanoma.
Dr Graham Kelly, Novogen Group CEO, said, “This latest finding brings the value of TRXE-009 into true perspective for us. We initially developed the compound for brain cancer. We saw it as the first chemotherapy with the potential to make a meaningful difference to the survival prospects of patients, both adult and children, with primary brain cancer.”
Novogen Limited (ADR) traded at $3.52 in the pre-market, up 105.85 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
