Novogen Reaches Settlement With GNC on Isoflavone Patent Infringement Case
January 18 2005 - 8:53AM
PR Newswire (US)
Novogen Reaches Settlement With GNC on Isoflavone Patent
Infringement Case STAMFORD, Conn., Jan. 18 /PRNewswire-FirstCall/
-- Novogen Limited (NASDAQ:NVGN), the world leader in isoflavone
research, has settled, for an undisclosed amount and terms, the
legal action it had taken against the General Nutrition Corporation
("GNC"). The lawsuit alleged that certain menopause products sold
under the GNC brand infringed one of Novogen's U.S. patents (Patent
No. 6,562,380). In addition to an undisclosed monetary settlement
GNC has agreed to reinstate the sale of Promensil(TM), Novogen's
leading consumer product of red clover isoflavones for the relief
of menopausal symptoms, through GNC's retail outlets. GNC is a
retailer of health food supplements in the U.S. with 4,800 retail
outlets and 1,300 franchise stores. The Chief Executive of Novogen,
Mr. Christopher Naughton, said Novogen is dedicated to the
development of isoflavonoid technology, protected by intellectual
property, in both the dietary supplement and prescription
pharmaceutical arenas. "The resolution of this matter is
significant recognition of the value of our isoflavone patent
portfolio," Mr. Christopher Naughton said. Novogen manages its
international research and development programs utilizing the
expertise and clinical research capabilities of universities and
hospitals in the U.S., Australia and other key international
locations. The Company markets a range of dietary supplement
products based on isoflavones derived from red clover. Its leading
dietary supplement products are Promensil, for the relief of
menopausal symptoms, and Trinovin(TM), for prostate health.
Novogen's investigational anti-cancer drug phenoxodiol is currently
in Phase II human clinical trials in the U.S. and Australia. The
rights to commercialize this drug are licensed to the Company's
majority owned subsidiary, Marshall Edwards, Inc., (NASDAQ:MSHL)
(LSE-AIM: MSHL). More information can be found at
http://www.novogen.com/ and http://www.marshalledwardsinc.com/.
Statements included in this press release that are not historical
in nature are "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. You should be aware that our actual results
could differ materially from those contained in the forward-looking
statements, which are based on management's current expectations
and are subject to a number of risks and uncertainties, including,
but not limited to, our failure to successfully commercialize our
product candidates; costs and delays in the development and/or FDA
approval, or the failure to obtain such approval, of our product
candidates; uncertainties in clinical trial results; our inability
to maintain or enter into, and the risks resulting from our
dependence upon, collaboration or contractual arrangements
necessary for the development, manufacture, commercialization,
marketing, sales and distribution of any products; competitive
factors; our inability to protect our patents or proprietary rights
and obtain necessary rights to third party patents and intellectual
property to operate our business; our inability to operate our
business without infringing the patents and proprietary rights of
others; general economic conditions; the failure of any products to
gain market acceptance; our inability to obtain any additional
required financing; technological changes; government regulation;
changes in industry practice; and one-time events. We do not intend
to update any of these factors or to publicly announce the results
of any revisions to these forward-looking statements. DATASOURCE:
Novogen Limited CONTACT: Mr. Christopher Naughton, Managing
Director of Novogen Limited, +011 44 (02) 9878 0088; or Mr. David
Sheon of SciWords, LLC, +1-202-518-6321, for Novogen Limited Web
site: http://www.novogen.com/ http://www.marshalledwardsinc.com/
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