Novogen Raises A$5.5m for Investment in Marshall Edwards
July 30 2008 - 8:21AM
Marketwired
SYDNEY, AUSTRALIA (NASDAQ: NVGN) has raised A$5.5million in an
equity issue to substantial shareholder El Coronado Holdings LLC at
A$1.22 per share. This issue is at a premium to the current Novogen
share price. Following this placement El Coronado will hold 19.9%
of Novogen's issued stock.
The proceeds will be used by Novogen to participate in a
US$10million equity raising being concluded by US subsidiary
company Marshall Edwards, Inc. (NASDAQ: MSHL).
With The Marshall Edwards, Inc. announcement to the US market
can be found at:
http://www2.marketwire.com/mw/release_html_b1?release_id=420417
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 characterised by broad
ranging activity against a range of cancer cell types with few side
effects. The combination of anti-tumour 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-centred 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 specialising 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 US. 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.
FOR FURTHER INFORMATION: MR CHRISTOPHER NAUGHTON MANAGING
DIRECTOR, NOVOGEN LIMITED TEL (02) 9878 0088 http://www.novogen.com
David Sheon WHITECOAT Strategies 202 470-2880
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