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Novogen has changed its name to Kazia Therapeutics and undertaken a 10:1 share consolidation following shareholder approval in November. It has also out-licensed its preclinical super-benzopyran development program, and has added a dose optimization lead-in component to the Phase II trial of GDC-0084 in glioblastoma, which is expected to commence in early 2018. Although the more focused pipeline and longer Phase II trial for GDC-0084 prompts us to trim our valuation to between $53m and $96m, we believe the changes will be positive in the long run, increasing the chance of success in the GDC-0084 development program.

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