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The drug, known as ONX-0801 in the phase 1 clinical trial, was tested in 15 women with advanced ovarian cancer as part of a wider trial run by the Institute of Cancer Research (ICR) and the Royal Marsden NHS Foundation Trust in London.
The aim was to test its safety, but the results were so good that researchers are keen to move the drug to the next stage of research.
ONX-0801 is the first in a new class of drugs discovered at the ICR.
It attacks ovarian cancer by mimicking folic acid to enter the cancer cells.
The drug kills these cells by blocking a molecule called thymidylate synthase, thereby causing irreparable DNA damage.
Ovarian cancer cells have an abnormally large number of receptors for folic acid, called alpha folate receptors. This means these cancer cells respond particularly well to the treatment.
The drug targeted cancer cell with little side-effects, making it a kinder treatment for ovarian cancer patients.