going well: $6.49 (+33) report inside, page-3

re: going well: $6.49 (+33), also article Article. Thanks AndyC:

Novogen rises on anti-cancer hope
March 24, 2004 - 4:30PM

Shares in Novogen rose sharply on expectations of a positive US response to its investigational anti-cancer drug phenoxodiol in treatment of ovarian cancer.

An annual meeting of the American Association of Cancer Research (AACR) which runs between March 27 and 31 will hear three presentations from the Yale University research team on phenoxodiol, Fosters Stockbroking analyst Jocelyn Laurence said.

"News hasn't been leaked into the market but there are hopes of some positive results that the market has been waiting for some time," she said.

"Trials on phenoxodiol are key for Novogen as it accounts for about half of the net worth of the company.

"Cancer treatments can prove especially valuable as 90 per cent of use is off label."

Novogen shares fell as low as $4.65 at the beginning of March but were at $6.10, a rise of 46 cents, at 1403 AEDT Wednesday.

Novogen chief executive Chris Noughton confirmed researchers from the Yale University-based study could be revealing some results but said he did not know what they would be.

"It is up to the clinicians to initiate the publicity for the results and then we follow this, obviously we're hoping for good news," he said.

"We're very happy with the way things are going at the moment."

Novogen's 87 per cent owned Marshall Edwards subsidiary, listed in both the UK and US, carries out the research on phenoxodiol.

"It was listed last year and was one of the most successful biotech floats for some time, its market capitalisation in the US is currently greater than our own," Mr Noughton said.

Shares in the company had been drifting until it announced that Marshall Edwards had begun a study in Sydney testing phenoxodiol earlier this month.

Investors have been looking forward to results on the ovarian cancer tests for some time.

Phenoxodiol is being developed as a broad-spectrum anti-cancer drug, able to stop the growth of a wide range of human cancers.

©2003 AAP