Marshall Edwards, Inc. Appoints Acting CEO
December 01 2009 - 12:01AM
Marketwired
Novogen Limited advises that CEO and Managing Director Christopher
Naughton will cease his employment with the Company from today.
Mr. Naughton's position as CEO of the US listed oncology
subsidiary company Marshall Edwards, Inc. (NASDAQ: MSHL) will also
terminate from today.
The Company's CFO David Seaton has been appointed acting CEO of
the group and he will act in that capacity until a new CEO for
Marshall Edwards has been appointed. Following that, a permanent
CEO will be appointed at Novogen Limited.
"A world-wide search for a new CEO of Marshall Edwards with drug
development and clinical oncology experience together with a track
record of fund raising in the US capital markets is being
initiated," said Philip Johnston, Chairman of the Board, Novogen
Limited.
"We are all grateful for the contribution Mr. Naughton has made
to the Group over the past 13 years and wish him well in his future
endeavours. Over the past few years, the focus of the Group and its
principal subsidiary, Marshall Edwards, has moved towards oncology
drug discovery and development. Due to the high priority of current
and future clinical programs, the Board considers the new
appointment of a CEO dedicated to Marshall Edwards is required to
implement this strategy."
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 that has
generated a number of novel compounds characterized by broad
ranging activity in laboratory testing against a range of cancer
targets with few side effects. The ability of these compounds to
target an enzyme present on the surface of cancer cells, and
inhibit the production of pro-survival proteins within the cancer
cell suggests that they may possess a unique combination of
efficacy and safety.
Marshall Edwards, Inc. has licensed rights from Novogen Limited
(ASX: NRT) (NASDAQ: NVGN) to bring three oncology drugs --
phenoxodiol, triphendiol (NV-196) and NV-143 -- to market globally.
Marshall Edwards, Inc., is majority owned by Novogen Limited, an
Australian biotechnology company that is specializing in the
development of therapeutics based on a flavonoid technology
platform. 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 203-966-2556 (USA) Email Contact
David Sheon 202-547-2880 Email Contact
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