SYDNEY, Jan. 4, 2012 /PRNewswire/ -- The Company today
announced that it has modified the provisions of its American
Depository Receipt ("ADR") program. The previous conversion
ratio of 5 Novogen Limited ordinary shares for each ADR share will
now be 25 Novogen Limited ordinary shares for each ADR share.
The change will be effective from 3 January, 2012. The change
in the ADR ratio will have no effect on the number of outstanding
common shares the company has on issue or the listing of its common
shares on the ASX.
In making the announcement, William D Rueckert, Chairman stated:
"The ratio change and resulting increase in the market price for
our ADR shares, as listed on NASDAQ, will bring our ADR shares back
into compliance with NASDAQ's $1.00
minimum bid price requirement. We believe that continued listing on
both the ASX and NASDAQ provides important liquidity on two major
exchanges for our shareholders and for the Company."
In a separate transaction, the Company also announced today that
it has made an additional investment in its majority owned drug
development subsidiary, Marshall
Edwards with the purchase 1,941,747 common shares for a
total of $2,000,000. The
proceeds will support the continued development of Marshall Edward's drug development programs.
About Novogen Limited
Novogen Limited (ASX: NRT, Nasdaq: NVGN, Nasdaq: NVGND) is an
Australian biotechnology company based in Sydney, Australia. Novogen conducts
research and development on oncology therapeutics through its
subsidiary, Marshall Edwards, Inc.,
and is developing glucan technology through its subsidiary,
Glycotex, Inc. More information on the Novogen group of
companies can be found at www.novogen.com.
SOURCE Novogen Limited