Novogen Patent License to Solae Now Transferred to ADM
February 17 2005 - 8:00AM
PR Newswire (US)
Novogen Patent License to Solae Now Transferred to ADM SYDNEY,
Australia and STAMFORD, Conn., Feb. 17 /PRNewswire-FirstCall/ --
The license covering Novogen (ASX:NRT) (NASDAQ:NVGN) patent rights
to soy isoflavones, which was with the DuPont joint venture company
Solae LLC, has now been transferred to Archer Daniels Midland
Company (ADM). ADM has assumed the rights and obligations formerly
held by Solae, including royalty and milestone payments under the
Novogen license. ADM is one of the world's largest processors of
soybeans, and has over 26,000 employees, more than 250 processing
plants and net sales for the fiscal year ended June 30, 2004 of
over $US 36 billion. The transfer of the Novogen patent license and
certain other business of Solae to ADM consolidates ADM's position
as one of the world leaders in the soy industry. The Novogen
license to ADM is worldwide, other than for Australia and New
Zealand. Novogen CEO Christopher Naughton said the transfer of the
license coincided with the settlement of litigation initiated by
Solae against ADM, and was facilitated by Novogen's consent to the
transfer. Novogen has become one of the world's leading research
and development companies in the field of isoflavones and human
health. This knowledge has made Novogen the leader in the related
field of phenolic drugs research for novel anti-cancer compounds.
Novogen markets the menopause health supplement Promensil(TM) and
the prostate health supplement Trinovin(TM). Phenoxodiol, the
Company's leading anti-cancer compound, has received Fast Track
designation for recurrent ovarian cancer as well as for hormone
refractory prostate cancer from the Food and Drug Administration in
the U.S. 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 CONTACT: Mr. Christopher Naughton, Managing Director of
Novogen Limited, +(02) 9878 0088; or 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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