NEW YORK (TheStreet) -- Shares of Novogen  (NVGN) rose 9.06% to $7.57 in afternoon trading Friday after the company announced it had signed a Memorandum of Understanding with the Feinstein Institute for Medical Research of New York to collaborate on the development of brain cancer treatments.

"We are confident that we have found the drug that can successfully treat cancers arising in the brain as well as cancers that spread to the brain from elsewhere. The ability of TRXE-009 to kill brain cancer stem-like cells gives us particular confidence that we can finally kill off the root cause of any cancer within the brain," said Novogen CEO Graham Kelly, PhD, in a statement.

"The proviso is that we can deliver it across the blood-brain barrier, and that is something that we will not know with any certainty until we bring TRXE-009 into the clinic," Kelly continued. "The collaboration with the Feinstein Institute is designed to maximize that likelihood. If we can do that, then we have a good chance of delivering breakthrough treatment options to adults and children with primary brain cancers and for patients with cancers such as melanoma that involve the brain and elsewhere."

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