Cancer drug developer Novogen is reviewing its research programs so it can focus its limited resources on those with the most potential.
Acting chief executive Iain Ross says Novogen is in solid shape, but it cannot realistically fully resource all its development programs through to market approval and launch.
“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,” Mr Ross said on Thursday.
“Whilst not wanting to pre-empt the outcome of the review I anticipate we may have to re-prioritise some of the programs.”
Mr Ross said Novogen did not rule out securing partners to help fund and develop its research programs, but mergers and acquisitions were not among its plans.
Novogen intends to provide a shareholder update on the review by September 1, 2015.
Iain Ross was last week appointed to run Novogen after former chief executive and founder Graham Kelly resigned to pursue his own research.
Mr Ross said he had started a search for a world-class chief executive officer.
The company will also recruit more staff, including a full-time chief medical officer.
Novogen has two cancer drugs in development – Cantrixil and Anisina – that it aims to progress to clinical trials in 2016.
A third dug, Trilexium, could be progressed to human trials in 2016/17.
Cantrixil is designed to be injected into the peritoneal cavity to fight cancer cells and cancer-initiating cells thought to be responsible for cancer recurrence after chemotherapy.
Anisina is a small molecule that works to undermine the structural integrity of cancer cells, causing the cells to die.
Trilexium affects the viability of cancer cells by increasing rates of cell death and reducing proliferation.
Novogen is listed on the Australian share market and the NASDAQ index in the US.
Shares in Novogen were 0.5 cents higher at 20.5 cents at 1108 AEST.