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If you like it is a vegetarian or "natural" form of androgen deprivation therapy. As such it is likely to be useful in lowering PSA but I would say don't bank on it working forever or necessarily to bring PSA down very low. As a means of control for the right men, I doubt if it can do any harm.
Despite what David says, PC Hope does have a potential to cause harm because it is almost certain that the active ingredient is DES (diethylstilboestrol)which is associated with strokes and other heart conditions. This potential risk is mentioned in the Link he has given you.
DES is an effective form of PCa control in my opinion, but the dose and the man's health should be carefully monitored. Compounds like PC Hope seem to have variable doses as different batches have different outcomes.
Some might consider me an expert in that I understand how most of the drugs and radiation treatments work and can dicuss intelligently with an oncologist the latest research findings. There are a few other posters on this board that I would say have expert knowledge in different areas of prostate cancer.
If you have a cold you can try any herbal remedy you want. If you have a life threatening disease then you should get medical attention first and try complementary treatments second.
And yes I did try a herbal remedy for a while but came to the conclusion that it was not a good idea to take an unknown substance hoping it might help.