Shares in Australian biotech Novogen are on a tear after one of its drugs is found to work against brain cancer

Dan Kitwood/Getty Images/Cancer Research UK

Australian biotechnology company Novogen says one of its drugs, TRXE-009, is showing potential to become an important new therapy in the fight against brain cancer.

TRXE-009 was effective against stem-like cancer cells which are believed responsible for chemotherapy resistance and tumor recurrence.

Dr Graham Kelly, Novogen CEO, said the TRXE-009 story started with the discovery of a compound effective against brain cells from patients who had failed to respond to Temozolomide, the only standard of care chemotherapy.

The drug then showed itself to be an equally effective killer of cancer stem cells.

“So far it has ticked every box asked of it,” Kelly says.

“The urgent need to find a successful treatment for devastating cancers such as primary and secondary brain cancers in adults and children is what is driving our collaboration with Feinstein (Institute for Medical Research) to bring TRXE-009 into the clinic.”

The companies shares are currently trading 38.4% higher to $0.18 after earlier jumping in value by more than half.