Marshall Edwards, Inc. Raises $10,000,000 in Public Offering
July 30 2008 - 8:15AM
Marketwired
WASHINGTON, DC and SYDNEY, AUSTRALIA announced today that it
entered into a Securities Subscription Agreement with Novogen
Limited and OppenheimerFunds, Inc. pursuant to which Marshall
Edwards has sold 2,908,295 and 1,700,000 shares of common stock,
par value $0.00000002 per share, to Novogen and Oppenheimer,
respectively, at a purchase price of $2.17 per share, the
consolidated closing bid price of the Marshall Edwards' common
stock as quoted by the Nasdaq Market Intelligence Desk at 4:00 PM
EDT on July 28, 2008. The aggregate proceeds to Marshall Edwards
from the sale of shares of common stock will be $10,000,000 before
expenses.
The shares are registered under the Securities Act of 1933, as
amended, pursuant to an effective shelf registration statement. On
July 30, 2008, the Company filed a Prospectus Supplement to the
Registration Statement with the SEC covering the sale of the shares
to Novogen and Oppenheimer pursuant to the Securities Subscription
Agreement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. The securities may be offered only by means of a prospectus.
Copies of the Prospectus Supplement and the accompanying base
Prospectus relating to the offering may be obtained at the SEC's
website at http://www.sec.gov.
About Marshall Edwards, Inc.:
Marshall Edwards, Inc. is a specialist oncology company focused
on the clinical development of novel anti-cancer therapeutics.
These derive from a flavonoid technology platform, which has
generated a number of novel compounds characterized by broad
ranging activity against a range of cancer cell types with few side
effects. The combination of anti-tumor cell activity and low
toxicity is believed to be a result of the ability of these
compounds to target an enzyme present in the cell membrane of
cancer cells, thereby inhibiting the production of pro-survival
proteins within the cell. Marshall Edwards, Inc. has licensed
rights from Novogen Limited (ASX: NRT) (NASDAQ: NVGN) to bring
three oncology drugs -- phenoxodiol, triphendiol and NV-143 -- to
market globally. The Company's lead investigational drug,
phenoxodiol, is in a Phase III multinational multi- centered
clinical trial for patients with recurrent ovarian cancer. More
information on the trial can be found at
http://www.OVATUREtrial.com.
Marshall Edwards, Inc. is majority owned by Novogen Limited
(ASX: NRT) (NASDAQ: NVGN), an Australian biotechnology company that
is specializing in the development of therapeutics based on a
flavonoid technology platform. Novogen is developing a range of
therapeutics across the fields of oncology, cardiovascular disease
and inflammatory diseases. More information on phenoxodiol and on
the Novogen group of companies can be found at
www.marshalledwardsinc.com and 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 U.S. Food and
Drug Administration ("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.
Contacts: David Sheon 202 470-2880 Email Contact Christopher
Naughton 011 61 2 9878 0088 Email Contact
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