C-Suite Shakeup: Novogen CEO North America, CSO and CFO Exit in Reorg

March 10, 2017
By Alex Keown, BioSpace.com Breaking News Staff

SYDNEY – Australian oncology company Novogen Limited is experiencing some growing pains. As the company transforms from an organization focused on discovery and research to a clinical development group, three of its top executives are exiting Novogen.

Shares of Novogen fell this morning after the news was made public, falling to $1.43 per share from the stock’s opening price of $1.48.

This morning, the company announced David Brown, Novogen’s chief scientific officer, and Andrew Heaton, head of discovery and chief executive officer of Novogen North America, are leaving the company to “explore a planned new venture in early-stage drug discovery.” In an unrelated move, Cristyn Humphreys, Novogen’s chief financial officer, has resigned in order to take a new role outside of the industry, the company said.

James Garner, Novogen’s chief executive officer, said Brown and Heaton were founders of the company in its current form and have made substantial contributions over time. Those contributions, he said, have pushed the company to a point where its ovarian cancer drug, Cantrixil, has entered the clinic. The company has also seen its lead drug candidate, GDC-0084, a small molecule inhibitor of the PI3K / AKT / mTOR pathway, being developed to treat glioblastoma multiforme, has entered Phase II. Garner also touted Humphreys for her “vital contribution in helping to navigate Novogen through an eventful few years.” He said a replacement search is ongoing. Humphreys is expected to leave the company at the end of March.

While three executives are leaving, the company has made some recent c-suite hires and appointments, including Gordon Hirsch as chief medical officer; Peng Leong as chief business officer; and David Cain as director of chemistry, manufacturing and controls.

Novogen struck a licensing deal with Genentech for GDC-0084 in October 2016. The deal followed Genentech’s taking the drug through a Phase I trial. Glioblastoma multiforme is among the most aggressive forms of brain cancer and accounts for approximately 15 percent of primary brain tumors. Median overall survival is estimated at 12 to 15 months from time of diagnosis.

The deal with Genentech was part of the company’s transformation into an emerging oncology biotech company. Following the deal, Novogen said its pipeline is diversified across three distinct technology platforms. At the end of October, Novogen acquired Glioblast Pty Ltd, a privately-held, neuro-oncology-focused Australian biotechnology company to support the development of GDC-0084.

In September, the U.S. Food and Drug Administration approved an Investigational New Drug Application for Cantrixil for patients with ovarian cancer. Cantrixil is a cyclodextrin-based formulation of the active ingredient, TRX-E-002-1, which has shown in vitro and in vivo anti-cancer activity in a range of tumor types, the company said.