Novogen soars as subsidiary hits the fast track

Investors added more than AUD$1 -- or 20 per cent -- to Novogen's (ASX:NRT) share price today on the news that the company's subsidiary Marshall Edwards (Nasdaq: MSHL/LSE AIM:MSH) had been granted fast-track status for the use of phenoxodiol in recurrent ovarian cancer.

The US Food and Drug Administration grants fast track review status to drugs that could treat an unmet medical need, making them eligible for accelerated marketing approval.

"We are developing phenoxodiol for the treatment of a wide range of cancers, but for the purpose of this fast track program, we are focusing on its use as a chemo-sensitising agent in recurrent, late-stage ovarian cance," said Marshall Edwards executive chairman Dr Graham Kelly in a statement.

Marshall Edwards is currently putting phenoxodiol through Phase II clinical trials as a stand-alone therapy and in combination with other drugs for the treatment of a range of cancers.