Marshall Edwards, Inc. Receives Nasdaq Notice of Minimum Bid Price Non-Compliance
September 22 2009 - 9:03AM
Marketwired
Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer
therapeutics, today announced that on September 16, 2009, as
management expected, the Company received a letter from The Nasdaq
Stock Market notifying the Company that for the last 30 consecutive
business days the bid price of the Company's common stock closed
below the minimum $1.00 per share requirement for continued
inclusion on the Nasdaq Global Market under Nasdaq Rule 5450(a)(1).
According to Nasdaq's letter, the Company will be afforded a grace
period of 180 calendar days, or until March 15, 2010, to regain
compliance in accordance with Nasdaq Rule 5810(c)(3)(A). In order
to regain compliance, shares of the Company's common stock must
maintain a minimum bid closing price of at least $1.00 per share
for a minimum of ten consecutive business days during the grace
period.
The Company intends to actively monitor the bid price of its
common stock between now and March 15, 2010.
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 has licensed rights from
Novogen Limited (ASX: NRT) (NASDAQ: NVGN) to bring four oncology
drugs -- phenoxodiol, triphendiol NV-143 and NV-128 -- to market
globally.
Marshall Edwards is majority owned by Novogen, 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 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: Warren Lancaster +1-203-966-2556 (USA) Email Contact
David Sheon +1 202 547-2880 (USA) Email Contact
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