BIOTECH: AZIONI VOLANO DOPO PUBBLICAZIONE STUDIO MEDICO

U.S.-traded shares of Novogen jumped 44 percent after the Australian drug company said studies confirmed a potential drug to treat melanoma, a type of skin cancer.

The company said: “No targeted therapy exists for the 50% of melanoma patients whose tumors do not have the BRAF mutation. But even where a response is obtained with a BRAF-inhibitor, resistance typically develops within a year of treatment. Therefore the development of a drug that kills melanoma cells irrespective of their BRAF or any other mutational status has become an urgent clinical imperative.”

At the moment shares of small-cap Novogen are up 42% to $6.42 in pre-market trading following the company’s report on the studies.