SYDNEY, May 8, 2012 /PRNewswire/ -- Novogen Limited
(ASX: NRT Nasdaq: NVGN), announced today that following
approval by its shareholders at an Extraordinary General Meeting
held on 7 May, 2012, its Board of
Directors has resolved to make a US$4
million investment in Marshall
Edwards, Inc. ("MEI") under the MEI rights offering
previously announced. The investment will be subject to
availability of rights that have not been otherwise exercised by
MEI or Novogen shareholders. On 20
April, 2012, Novogen distributed a dividend of 7,677,342
rights on a pro rata basis to its shareholders who have until
8 May, 2012 to exercise those
rights.
Novogen's Chairman, William
Rueckert, said, "We believe it is extremely important for
Novogen to continue to support the MEI clinical development program
because it represents the greatest opportunity for Novogen
shareholders to see an increase in the value of their Novogen
shares. As the majority shareholder of MEI, we felt it was
essential for Novogen to take a leadership position in the rights
offering and set an example that will encourage other shareholders
to participate."
About Marshall Edwards
Marshall Edwards, Inc. is a
San Diego-based oncology company
focused on the clinical development of novel therapeutics targeting
cancer metabolism. The company's lead drug candidates, ME-143
and ME-344, have been shown in laboratory studies to interact with
specific enzyme targets resulting in inhibition of tumour cell
metabolism, a function critical for cancer cell survival.
Marshall Edwards initiated a Phase I
clinical trial of intravenous ME-143 in patients with solid
refractory tumours in September, 2011 and plans to present safety
and pharmacokinetic data from the trial at the American Society of
Clinical Oncology Annual Meeting in June, 2012. The company
received approval of its Investigational New Drug application for
ME-344 in April, 2012 and initiated a Phase I clinical trial of
intravenous ME-344 in patients with solid refractory tumours
shortly thereafter. For more information, please visit
www.marshalledwardsinc.com.
About Novogen Limited
Novogen Limited 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