The acting CEO of drug manufacturer Novogen has announced a review into all the company's operations including its pre-clinical trials.
Iain Ross was handed the reins of the company last week after the resignation of former chief executive and founder Graham Kelly.
Ross explained “…it is clear that we cannot realistically undertake and fully resource all our research and development programs in parallel all the way through to market approval and launch.”
He added – "Accordingly I have initiated a Company-wide review and I am working closely with the Board, Management and Company's scientific advisers to review immediately the pre-clinical programs in detail, including the targeted indications, route of patient administration, product formulations, manufacturing scale-up and regulatory requirements.
"Whilst not wanting to pre-empt the outcome of the review I anticipate we may have to re-prioritize some of the programs…”
Ross said Novogen operates in a highly competitive market but is in a solid financial position.
Earlier this year, the company’s shares rose sharply after the completion of two successful cancer drug studies.
In the studies, the experimental anti-cancer drug Cantrixil was found to kill human ovarian stem cells. And another experimental drug, Anisina was found to kill melanoma cells irrespective of their mutational status.