-- outsourcing of the scale-up manufacturing of clinical stage compounds;
-- putting on hold the cardiovascular and anti-inflammatory programs;
-- reducing world wide staff numbers from 62 to 51;
-- implementing fee and income reductions of 20 percent for the board and
executive management.
Novogen advises that its Group cash balance at 31 December, 2008 is
approximately A$44 million (US$29 million) which it considers appropriate
to ensure the viability of the Company.
As it proceeds closer to commercialisation of its oncology R&D and when
financial market conditions become more favourable, Novogen will be in a
better position to fund work on the remainder of its intellectual property
which is derived from its isoflavonoid technology platform.
Novogen's business strategy is to take its R&D to a clinical stage where it
has a definable value and is saleable to an organization which would
undertake commercialization.
The Novogen Group's most advanced anti-cancer compound phenoxodiol is in
advanced clinical trials, and is licensed to Novogen's 71 percent owned
subsidiary, Marshall Edwards, Inc. Elements of the Novogen Group's
oncology program which are conducted by Marshall Edwards include:
-- phase III global trial of phenoxodiol to treat advanced ovarian
cancer;
-- phase II trial in the US of phenoxodiol to treat prostate cancer;
-- phase I trial of phenoxodiol to treat cervical cancer;
-- phase I trial of triphendiol, a derivative of phenoxodiol, to treat
bile duct and pancreatic cancers and advanced melanoma, for which the FDA
has granted orphan drug status, and which is approved for entry into
clinical trials in the US.
Separately, Novogen has developed NV-128, the promising mTOR inhibitor,
which has a different pathway from phenoxodiol and triphendiol to achieving
cancer cell death. This opens up new opportunities in anti-cancer
therapies and the possibility of these compounds working synergistically.
Novogen is maintaining its commitments to Glycotex, Inc., its
US-based wound management subsidiary, and also continues to earn revenue
from sales of consumer healthcare products in Australia, Canada and the UK
and from thirteen licensees worldwide.
Novogen has 95 granted patents surrounding its intellectual property which
establishes significant value within the group and a pipeline for future
R&D activity.
About Novogen Limited
Novogen Limited is an Australian biotechnology company that has patented
isoflavone technology for the treatment and prevention of degenerative
diseases and disorders. The Company coordinates an international clinical
research and development program with external collaborators, hospitals and
universities. For more information, visit 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 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 arty 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.
Contact Information: FOR FURTHER INFORMATION: MR CHRISTOPHER NAUGHTON MANAGING DIRECTOR NOVOGEN LIMITED TEL 011 61 2 9878 0088 (Australia) ISSUED BY: WHITECOAT Strategies CONTACT: David Sheon 202 470-2880 (USA)