- Glioblast Pty Ltd, a privately-held neuro-oncology company
based in Sydney, Australia, will
be acquired for AU$ 2.1 million and performance-related
milestones
- Acquisition provides capabilities, expertise, and
relationships that will support the development of GDC-0084 in
glioblastoma multiforme
SYDNEY, Oct. 31, 2016
/PRNewswire/ -- Australian oncology-focused biotechnology
company, Novogen Ltd (ASX: NRT; NASDAQ: NVGN) today announced that
it has fully-acquired Glioblast Pty Ltd, a privately-held,
neuro-oncology-focused Australian biotechnology company.
The transaction includes an upfront payment of AU$ 2.1 million,
comprising AU$ 600,000 in cash and ordinary fully-paid shares
valued at AU$ 1.5 million, with the actual number of shares
determined on the basis of the volume-weighted average price of
Novogen shares on the ASX in the seven days prior to this
announcement.
The shareholders of Glioblast will be eligible for further
payments in cash or equity on the achievement of
performance-related milestones. The first two of these milestones
provide for the issue of ordinary fully-paid shares valued at AU$
1.25 million respectively on commencement and successful completion
of a phase II clinical trial of GDC-0084, with the actual number of
shares determined on the basis of the volume-weighted average price
of Novogen shares on the ASX in the seven days prior to
satisfaction of the relevant milestone being announced. A further
two milestones may trigger payments in cash or equity at Novogen's
sole discretion. Any issue of equity in Novogen will be subject to
a minimum six-month escrow period.
The addition of Glioblast will add important capabilities and
relationships to Novogen, allowing it to more effectively move
forward with the GDC-0084 program. Paul
Hopper, a highly-experienced life sciences executive, and
Leslie Chong, who was formerly
Clinical Program Lead for GDC-0084 at Genentech, both shareholders
of Glioblast, will become consultants to Novogen and will advise on
clinical development.
About the GDC-0084 development candidate
GDC-0084 is a small molecule inhibitor of the PI3K / AKT / mTOR
pathway, which is distinguished from other molecules in the class
by its ability to penetrate the blood-brain barrier. The molecule
was developed by Genentech, who completed a phase I study in
recurrent glioblastoma patients, and was licensed to Novogen in
October 2016. A phase II clinical
trial is slated to begin in 2017.
About Novogen Limited
Novogen Limited (ASX: NRT; NASDAQ: NVGN) is an emerging
oncology-focused biotechnology company, based in Sydney, Australia. Novogen has a portfolio of
four development candidates, diversified across three distinct
technologies, with the potential to yield first-in-class and
best-in-class agents across a range of oncology indications.
The lead program is GDC-0084, a small molecule inhibitor of the
PI3K / AKT / mTOR pathway, which is being developed to treat
glioblastoma multiforme. Licensed from Genentech in late 2016,
GDC-0084 is anticipated to enter phase II clinical trials in 2017.
Three further molecules have been developed in-house from two
proprietary drug discovery platforms (superbenzopyrans and
anti-tropomyosins) to treat ovarian cancer and a range of solid
tumours. Cantrixil, the most advanced of these, is slated to enter
clinical trials in late 2016, while Anisina and Trilexium are in
preclinical development.
For more information, please visit: www.novogen.com