Novogen Subsidiary Glycotex, Inc., Receives Additional Funding
February 27 2007 - 9:00AM
PR Newswire (US)
STAMFORD, Conn. and SYDNEY, Australia, Feb. 27
/PRNewswire-FirstCall/ -- Novogen Limited (NASDAQ:NVGN) reports
that its U.S. subsidiary company Glycotex, Inc., has received the
first tranche of a private share placement. Funds received total US
$1.6 million. The investors collectively received shares totaling
3.6 percent of Glycotex. Novogen retains an 81.3 percent interest
in the Company. Glycotex, Inc., is a clinical stage
biopharmaceutical company focused on discovering and developing
drugs for human wound healing and tissue repair. Glycotex CEO and
President, Reinhard Koenig, MD, said that the funding would enable
Glycotex to pursue its plan of proceeding to a U.S. investigational
new drug application (IND) for its lead drug candidate Glyc- 101.
"We intend to apply for an IND and confirm our U.S. clinical trial
program prior to initiating the process of an Initial Public
Offering," Dr. Koenig said. Glyc-101 is designed as a topical gel
to apply directly on a wound surface. The mechanism of action
suggests a potential for accelerating the time to wound closure,
improving quality of life and lowering the overall cost of care.
Glycotex, Inc., is based in Rockville, Maryland. About Novogen:
Novogen Limited is an Australian biotechnology company that has
patented isoflavone technology for the treatment and prevention of
degenerative diseases and disorders. Over the past ten years,
Novogen has conducted the largest and most comprehensive isoflavone
clinical testing programs in the world. Novogen is involved in drug
discovery and product development for disorders that are commonly
associated with aging and coordinates an international clinical
research and development program with external collaborators,
hospitals and universities. More information can be found at
http://www.novogen.com/. Novogen's investigational anti-cancer drug
phenoxodiol is currently in Phase III human clinical trials in the
U.S., Europe and Australia. The rights to commercialize this drug
are licensed to the Company's majority owned, Marshall Edwards,
Inc., (NASDAQ: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: David Sheon for Novogen Limited,
+1-202-518-6321, Christopher Naughton, Managing Director of Novogen
Limited, +011 61 (02) 9878 0088 Web site: http://www.novogen.com/
http://www.marshalledwardsinc.com/
Copyright
Kazia Therapeutics (NASDAQ:KZIA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kazia Therapeutics (NASDAQ:KZIA)
Historical Stock Chart
From Jul 2023 to Jul 2024