Transformation to a Clinical Stage Organisation Leads to Changes in Management Structure

2017-03-10 09:21 3518

- Recent in-licensing of GDC-0084 and advancement of Cantrixil to phase I represent transformation of Novogen to clinical-stage organisation; recent appointments of Chief Medical Officer and Head of CMC position Novogen for success in these activities

- Dr David Brown, Chief Scientific Officer, and Dr Andrew Heaton, Head of Discovery and President and CEO of Novogen North America, will leave Novogen to pursue new opportunities in early-stage drug discovery

- Separately, Cristyn Humphreys, Chief Financial Officer, will leave Novogen to assume a new role outside the industry

SYDNEY, March 10, 2017 /PRNewswire/ -- Australian oncology-focused biotechnology company, Novogen Limited (ASX: NRT; NASDAQ: NVGN) announces changes to the company's senior management which support the transformation of Novogen from a discovery research organisation to one focused on clinical development, with GDC-0084 preparing for phase II and Cantrixil now in phase I trials.

Over the past nine months, Novogen has recruited additional expertise to the team, with the appointments of Dr Gordon Hirsch as Chief Medical Officer, Dr Peng Leong as Chief Business Officer, and David Cain as Director of Chemistry, Manufacturing, and Controls (CMC). Meanwhile, the Company retains a team of highly-experienced scientists who have worked with the Company's key technologies for some time, and who are well-positioned to continue pursuit of the ongoing early-stage discovery research programs. Collectively, these changes leave the company well-placed to move forward its portfolio, and especially to progress the clinical-stage programs GDC-0084 and Cantrixil.

In this context, three senior executives will be leaving the Company in March 2017 to pursue new opportunities. Dr David Brown and Dr Andrew Heaton will be leaving to explore a planned new venture in early-stage drug discovery. In an unrelated move, Ms Cristyn Humphreys has resigned in order to take a new role outside of the industry.

Dr James Garner, Chief Executive Officer, said, "David and Andrew were effectively among the founders of Novogen in its current form, and their contribution to the company over time has been substantial. They have been instrumental in moving us forward and transforming Novogen to a point where Cantrixil is now in a phase I clinical trial. They have now resolved to explore new challenges in early-stage drug discovery and all of us in the Novogen team wish them well in this new chapter of their respective careers."

Cristyn Humphreys, Chief Financial Officer (CFO) at Novogen will leave Novogen later this month to assume a new role outside the industry. The Company will initiate a search for a replacement senior financial leader. The transition will be overseen by Kate Hill, formerly a Partner at Deloitte, who currently serves as Company Secretary.

Dr Garner added, "Cristyn Humphreys has made a vital contribution in helping to navigate Novogen through an eventful few years. Her advice and support has been invaluable, and we all wish her every success in her new role."

Novogen remains highly focused on advancing GDC-0084 and Cantrixil into and through the clinical trials, while appropriately moving forward the earlier-stage programs. The Company looks forward to sharing further progress with investors.

About Novogen Limited

Novogen Limited (ASX: NRT; NASDAQ: NVGN) is an emerging oncology-focused biotechnology company, based in Sydney, Australia. Novogen has a portfolio of four development candidates, diversified across three distinct technologies, with the potential to yield first-in-class and best-in-class agents across a range of oncology indications.

The lead program is GDC-0084, a small molecule inhibitor of the PI3K / AKT / mTOR pathway, which is being developed to treat glioblastoma multiforme. Licensed from Genentech in late 2016, GDC-0084 is anticipated to enter phase II clinical trials in 2017. Three further molecules have been developed in-house from two proprietary drug discovery platforms (superbenzopyrans and anti-tropomyosins) to treat ovarian cancer and a range of solid tumours. Cantrixil, the most advanced of these, commenced a first-in-human clinical study in patients with ovarian cancer in late 2016, while Anisina and Trilexium are in preclinical development.

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Source: Novogen Limited
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