SYDNEY, April 28, 2015 /PRNewswire/ -- US-Australian
drug discovery company, Novogen Limited (ASX: NRT; NASDAQ: NVGN) (Company),
announced today that it received a letter from NASDAQ informing it
that it had regained full compliance with NASDAQ Listing Rule
5550(b) (Listing Rule).
In November 2014, the Company
received a deficiency notice from NASDAQ, requesting the Company to
submit a plan to regain compliance with the Listing Rule, which
requires either (i) a minimum of $2,500,000 in stockholders' equity as of
June 30, 2014; (ii) at least
$35,000,000 market value of listed
securities, or (iii) at least $500,000 of net income from continuing operations
for the most recently completed fiscal year or two of the three
most recently completed fiscal years.
Further to lodgement of its plan to regain compliance, NASDAQ
granted an extension to the Company in January 2015.
The recent growth in the Company's market value, as well as the
substantial increase of its assets with the current capital-raising
program, has allowed the Company to regain compliance with the
Listing Rule.
Graham Kelly, Novogen Group CEO
and Executive Chairman, said, "Novogen regards itself as a joint
US-Australian company. Roughly half of our shareholders are US
residents. We have a joint venture company with one of the leading
universities in the US. We are conducting increasing collaborations
with leading US research institutions and hospitals as our drug
technologies get better appreciated. The US eventually will be the
leading market for our drug candidates. Maintaining our NASDAQ
listing is vital to us."
About Novogen
Novogen is a public, Australian-US drug-development company
whose shares trade on both the Australian Securities Exchange
('NRT') and NASDAQ ('NVGN'). The Novogen group includes US-based,
CanTx Inc, a joint venture company with Yale
University. Novogen has two main drug technology platforms:
super-benzopyrans (SBPs) and anti-tropomyosins (ATMs). SBP
compounds have been designed to kill the full heterogeneity of
cells within a tumor, but with particular activity against the
slowly-dividing, less differentiated cancer stem (tumor-initiating)
cell. The ATM compounds target the micro-filament component of the
cancer cell's cytoskeleton and have been designed to combine with
anti-microtubule drugs (taxanes, vinca alkaloids) to produce
comprehensive and fatal destruction of the cancer cell
cytoskeleton. The Company pipeline currently comprises two SBP drug
candidates (TRXE-002, TRXE-009) and one ATM drug candidate
(Anisina).
For more information, please visit www.novogen.com
Corporate
Contact
Dr. Graham
Kelly
Executive Chairman
& CEO
Novogen
Group
Graham.Kelly@novogen.com
+61 (0) 2 9472
4100
|
Media
Enquiries
Cristyn
Humphreys
Chief Operating
Officer
Novogen
Group
Cristyn.Humphreys@novogen.com
+61 (0) 2 9472
4111
|
Forward Looking Statement
All statements other than statements of historical fact
included in this announcement including, without limitation,
statements regarding future plans and objectives of Novogen Limited
("Novogen") are forward-looking statements. When used in this
announcement, forward-looking statements can be identified by words
such as 'may', 'could', 'should', 'would', 'believes', 'estimates',
'targets', 'expects' or 'intends' and other similar words that
involve risks and uncertainties.
Such statements relate to future events and expectations and
as such involve known and unknown risks and uncertainties. These
risks and uncertainties include, among other things, market
conditions, weather risks, economic and political risks.
These statements are based on an assessment of present
economic and operating conditions, and on a number of assumptions
regarding future events and actions that, as at the date of this
announcement, are expected to take place. Such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are beyond the control of Novogen,
its directors and management, which could cause Novogen's actual
results to differ materially from the results expressed or
anticipated in these statements.
Novogen cannot and does not give any assurance that the
results, performance or achievements expressed or implied by the
forward-looking statements contained in this announcement will
actually occur and investors are cautioned not to place undue
reliance on these forward-looking statements. Actual results,
actions, and developments may differ materially from those
expressed or implied by those forward-looking statements depending
on a variety of factors.
Novogen does not undertake to update or revise forward-
looking statements, or to publish prospective financial information
in the future, regardless of whether new information, future events
or any other factors affect the information contained in this
announcement, except where required by applicable law and stock
exchange listing requirements.
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SOURCE Novogen Ltd