ADR Update: Sharper focus on anti-cancer drugs
Novogen has prioritised development of its three lead anti-cancer drugs following a scientific review. Cantrixil is scheduled to enter the clinic in H116 and Anisina in H216 (both pending successful completion of toxicology studies). We have trimmed our valuation model, removing the prostate cancer indication for Trilexium, as it is not expected to enter the clinic until 2017, which reduces our valuation to $87m (vs $126m) or $5.13 per ADR (undiluted). With $32m cash, Novogen is funded beyond FY18.
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