Novogen 'Ovature' trial hit by crisis

Biotech Novogen Ltd's US subsidiary has decided to undertake an interim analysis of its phase III "Ovature" trial for ovarian cancer treatment.

It says slowing patient recruitment rates and the global financial crisis has made it imprudent to fund the trial to completion.

The Ovature (Ovarian Tumour Response) study is trialling the anti-cancer drug phenoxodiol in women with advanced ovarian cancer to determine its safety and effectiveness when used in combination with chemotherapy drug carboplatin.

Novogen said its US subsidiary, Marshall Edwards Inc, had announced that new patient recruitment to the Ovature trial would cease and available data from the 141 completed and current patients would be analysed for safety and efficacy outcomes.

"The company has decided to assess these data from the Ovature trial at this time as the current downturn in the global financial markets makes raising further equity or debt in the near term to fund the trial through to completion most unlikely," Marshall Edwards said.

Marshall Edwards said it would use its current funds to complete the Ovature data analysis of 141 patients, pursue out-licensing negotiations, and maintain and initiate other clinical trials.

Novogen shares were five cents, or 9.43 per cent, lower at 48 cents on Wednesday.