Pharmaceuticals company Novogen has lost a pioneer in anti-cancer drug development with the sudden resignation of its chief executive and founder Dr Graham Kelly.
Dr Kelly will resume his work in non-oncology-based research after resigning, effective immediately, on Wednesday, causing the company's share price to drop two cents, or 8.51 per cent, to 21.5 cents at 1401 AEST.
"I am satisfied I am leaving the company in a very sound position," Dr Kelly said in a statement.
"The company is well placed now to proceed into the clinic with its three oncology drug candidates.
"My particular interest and skills are in early-stage drug development and I now want to focus on that."
Dr Kelly, a prostate cancer sufferer himself who has expressed a desire see anti-cancer drugs provided to families at an affordable price, left the company in 2005 after founding it in 1994.
He rejoined in 2012 after Novogen acquired Triaxial Pharmaceuticals where he was executive chairman.
Novogen's cancer drug Cantrixil has been confirmed to kill ovarian cancer cells, while the company has reported positive findings from studies of its drug Trilexium in fighting brain cancer and melanoma.
Its drug Anisina, designed to fight the cytoskeleton of cancerous cells, was confirmed to have potential in fighting melanoma and improving the effectiveness of chemotherapy in children.
The company has signalled its intention to make the three drugs clinically-available in 2016, pending successful testing.
Novogen has appointed Iain Ross, a multi-national pharmaceutical and biotechnology executive and a former Novogen director, as acting chief executive.
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