Shares in Novogen Limited (ASX:NRT, NASDAQ:NVGN) soared more than 96 per cent yesterday after the drug developer announced a medical breakthrough.
The dual ASX and NASDAQ-listed company says its lead candidate product, TRXE-009, has been shown in pre-clinical studies to be highly active against melanoma.
As the product was originally developed for the treatment of brain cancer Novogen believes the discovery offers evidence of a hypothesised link between brain cancer and melanoma.
Novogen says the findings offer an important new potential treatment for melanoma with CEO Dr Graham Kelly commenting the latest findings completely change the outlook for this drug candidate.
Shares in Novogen closed 96.43 per cent higher on the ASX yesterday and climbed more than 200 per cent on the NASDAQ in overnight trade.
Novogen reported a net loss of $7.56 million in the 2014 financial year.
