Novogen Restructures Australian Management Team and Marshall Edwards Appoints CFO
June 18 2010 - 9:00AM
Marketwired
Novogen Limited's subsidiary, Marshall Edwards, Inc. (NASDAQ:
MSHL), has announced today the appointment of Mr. Thomas Zech as
its CFO and Company Secretary based in San Diego. This follows the
appointment of Dr. Daniel Gold as CEO of Marshall Edwards, Inc. in
April 2010 and is part of the continuing strategy to focus the
Group's resources towards oncology drug research and development.
Following these appointments Novogen has restructured its
Australian management team and has appointed Mr. Mark Hinze as CFO
and Operations Manager of Novogen. Mr. Hinze has been with the
Novogen Group for over 10 years and previously held the position of
the Group's Financial Controller.
Mr. David Seaton, who was previously CFO of Novogen and CFO and
Company Secretary of Marshall Edwards, Inc., and more recently
Acting CEO, will leave the Company today. Also, due to the high
priority of current and future clinical programs now being managed
from the US, Novogen's Group Director of Research Professor Alan
Husband will leave the Group at the end of June 2010.
"We are all grateful for the significant contribution Professor
Husband and Mr. Seaton have made to the Group and wish them well in
their future endeavors," said Philip Johnston, Chairman of the
Board, Novogen Limited.
Mr. Johnston also said, "Following the results of OVATURE the
Novogen Board has been conducting an exhaustive review of all
options available to it to ensure shareholder value is maximized.
These include structural options and changes to the composition of
the Board and the Board expects to provide further information in
the months ahead as these plans are finalized."
A number of other management changes will also take effect from
the end of June as part of the restructure.
In the meantime, Novogen staff will continue to work closely
with Marshall Edwards in developing the Group's cancer compounds,
and will continue to provide Marshall Edwards with administration
and technical services. In addition, Novogen will continue to seek
opportunities to develop its Glucan technology and to maximize
shareholder value from its Consumer Health Care business.
About Novogen
Novogen Limited (ASX: NRT) (NASDAQ: NVGN) is an Australian
biotechnology company based in Sydney, Australia. The company has a
Consumer Healthcare business and a Pharmaceutical Division
developing a range of oncology therapeutics from its proprietary
flavonoid synthetic chemistry technology platform. More information
on the Novogen Group of companies can be found at
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 or differences in interpretation 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.
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CONTACT: For Novogen Ron Erratt TEL (02) 9878 0088 David Sheon
202 547 2880
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