Marshall Edwards, Inc. Renegotiates Annual License Payments for Phenoxodiol
April 04 2007 - 9:37AM
PR Newswire (US)
WASHINGTON and SYDNEY, Australia, April 4 /PRNewswire-FirstCall/ --
Marshall Edwards, Inc. (NASDAQ:MSHL) has renegotiated with Novogen
Limited (ASX:NRT)(NASDAQ:NVGN) the timing of the payment of its
annual US $8 million milestone license payments for the
investigational anti-cancer drug, phenoxodiol. Under the terms of
an amendment deed to the original license agreement signed
yesterday, the payment of future milestone license fees due on 31
December, 2007 and each year subsequently will now commence at the
end of the calendar year in which phenoxodiol first receives
approval for marketing in the USA or any other country. The
marketing approval may be a result of Accelerated Approval of a New
Drug Application by the U.S. Food and Drug Administration (FDA) or
otherwise. MSHL's President and CEO, Mr. Christopher Naughton, said
renegotiating the timing of the milestone license fee payments
would enable MSHL to focus its cash resources on completing the
phenoxodiol phase III clinical trial OVATURE, which was reviewed
under a Special Protocol Assessment by FDA. "The OVATURE ovarian
cancer clinical trial has now started and we look forward to
patient recruitment continuing over the coming year; and it is
appropriate that the future milestone license payments will now
only be due following phenoxodiol's approval for marketing," Mr.
Naughton said. MSHL is a US clinical oncology company and is 78.1
percent owned by Novogen. Novogen Limited, based in Sydney,
Australia, is developing a range of therapeutics across the fields
of oncology, cardiovascular, and inflammatory diseases. More
information on phenoxodiol and on the Novogen group of companies
can be found at http://www.marshalledwardsinc.com/ and
http://www.novogen.com/. Under U.S. law, a new drug cannot be
marketed until it has been investigated in clinical trials and
approved by the FDA as being safe and effective for the intended
use. 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: Marshall Edwards,
Inc. CONTACT: David Sheon, +1-202-518-6321, for Marshall Edwards,
Inc. (USA); or Mr. Christopher Naughton, CEO of Marshall Edwards,
Inc., +612 8878 6196 (Australia) Web site:
http://www.marshalledwardsinc.com/ http://www.novogen.com/
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