SYDNEY, Dec. 17, 2014 /PRNewswire/ -- Novogen
Limited (ASX:NRT; NASDAQ:NVGN): Australian/US
biotechnology company, Novogen Limited, today announced that it has
entered into definitive agreements today to sell to institutional
investors in the Unites States in a private placement for aggregate
gross proceeds of approximately A$4.1M. The closing of the offering is expected
to occur on or about 22 December 2014
and is subject to the satisfaction of customary closing
conditions.
Under the terms of the offering, the Company will sell an
aggregate of approximately 32.85 million ordinary shares at a price
of A$0.125. The Company also
agreed to grant to the investors, options to purchase up to an
aggregate of approximately 32.85 million ordinary shares at an
exercise price of A$0.15 per
share. The options are exercisable for a term of five years,
and the exercise price is subject to future adjustment for various
events, such as stock splits or dividend distributions. The
securities offered and sold in the private placement have not been
registered under the Securities Act of 1933, as amended, or any
United States state securities
laws, and may not be offered or sold in the United States absent registration, or an
applicable exemption from registration under the Securities Act and
applicable state securities laws. The Company has agreed to cause
the registration in the United
States of ADRs containing the ordinary shares purchased by
the United States investors and
the shares underlying the options for resale in the United States.
The Company intends to use the proceeds of the private placement
for ongoing and future research programs into the development of
the Company's drug pipeline and for working capital purposes.
HC Wainwright is the exclusive placement agent for the
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
Dr. Graham Kelly, Novogen Group CEO, said, "This
placement more than makes up for the shortfall in the recent
capital-raise and gives the Company the solid runway it requires in
its transition into a clinical-stage company."
About Novogen Limited
Novogen is a public, Australian drug-development company whose
shares trade on both the Australian Securities Exchange ('NRT') and
NASDAQ ('NVGN'). The Novogen group includes US-based, CanTx Inc, a
joint venture company with Yale
University.
Novogen has two main drug technology platforms:
super-benzopyrans (SBPs) and anti-tropomyosins (ATMs). SBP
compounds have been designed to kill the full heterogeneity of
cells within a tumor, including the cancer stem cells. The
molecular target is a trans-membrane electron-transfer pump
mechanism oncogene that is common to all cancer cells. Cells die by
respiratory distress and mitochondrial disintegration.
The ATM compounds target the micro-filament component of the
cancer cell's cytoskeleton and have been designed to combine with
anti-microtubular drugs (taxanes, vinca alakaloids) to produce
comprehensive and fatal destruction of the cancer cell
cytoskeleton.
The Company pipeline comprises three SBP drug candidates
(TRXE-002, TRXE-009, TRXE-0025) and one ATM drug candidate
('Anisina').
Further information is available on our website www.novogen.com.
For more information please contact:
Corporate
Contact
Dr. Graham
Kelly
Executive Chairman
& CEO Novogen Group
Graham.Kelly@novogen.com
+61 (0) 2 9472
4100
|
Media
Enquiries
Cristyn
Humphreys
Operations Manager
Novogen Group
Cristyn.Humphreys@novogen.com
+61 (0) 2 9472
4111
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/novogen-raises-a41m-in-private-placement-to-us-institutions-300011013.html
|
SOURCE Novogen Ltd