SYDNEY, AUSTRALIA--(Marketwire - September 20, 2010) -
Pharmaceutical development company, Novogen Limited (ASX: NRT) (NASDAQ: NVGN
) has appointed three new Directors.
Of the three Directors, two are based in the United States and one in Australia, with their backgrounds encompassing investment and corporate finance.
Novogen Chairman, Mr. Philip Johnston, said the appointments were in line with a commitment to broaden contributions at board level to provide fresh perspectives on developing the Company's direction.
"We feel our new board appointments will bring together a variety of commercial expertise that will have a positive influence on the evolution of Novogen's strategy," Mr. Johnston said.
The new appointments are Mr. Ross Youngman, Mr. Peter White and Mr. Josiah T Austin and brief backgrounds are provided below.
Ross Youngman, B Com, MBA
Chief Executive Officer, Five Oceans Asset Management
Based in Australia, Mr. Youngman is co-founder of Five Oceans and has over 25 years' international experience in the finance industry covering stockbroking, financial planning and asset management. He spent 12 years with Bankers Trust and Deutsche Bank in both Sydney and New York and was most recently Chief Executive Officer of Deutsche Asset Management in Australia.
Prior positions included Head of Deutsche Asset Management's U.S. mutual fund business and Head of BT Funds Management's U.S. asset management business. Mr. Youngman has an MBA from Columbia Business School, New York and a Bachelor of Commerce from the University of Tasmania.
Peter R. White, AB, MBA
Mr. White is based in the U.S. and is a corporate finance professional with over 30 years' experience in financing and advising companies in the U.S. He has broad industry experience including technology, media and communications, business services and energy distribution. Among current responsibilities, Mr. White is building a leveraged finance business servicing private equity firms in the U.S. for TD Bank. Mr. White has previously worked in senior positions for several large North American financial services leaders, including BankBoston, Fleet Securities, GE Capital and CIT Group.
He was educated at Dartmouth College, A.B. Cum Laude 1977, The Wharton School - University of Pennsylvania, MBA.
Josiah T. Austin
Mr. Austin is a U.S. resident and the largest shareholder in Novogen. He is managing member of El Coronado Holdings, LLC, a privately owned investment holding company, which invests in public and private companies. He and his family own and operate agricultural properties in the states of Arizona, Montana, and northern Sonora, Mexico through El Coronado Ranch & Cattle Company, LLC and other entities. Mr. Austin previously served on the Board of Directors of Monterey Bay Bancorp of Watsonville, California, and is a prior board member of New York Bancorp, Inc., and North Fork Bancorporation. He became a director of Goodrich Petroleum, Inc in 2002.
The new board appointments are effective from Monday 20 September 2010, with the new Directors offering themselves for re-election at Novogen's Annual General meeting in November.
The composition of Novogen's board will continue to be assessed in coming months.
Earlier this month, Novogen reached an agreement in principle with its 71.3 percent owned U.S. subsidiary, Marshall Edwards, Inc. (NASDAQ: MSHL), regarding the sale by Novogen to Marshall Edwards of certain intellectual property in a stock based transaction.
Novogen Limited is an Australian biotechnology company based in Sydney, Australia. Novogen has a consumer healthcare business, provides research and development services to its 71.3 per cent owned subsidiary, Marshall Edwards, Inc., in relation to oncology therapeutics and is developing glucan technology through its 80.7 percent owned subsidiary, Glycotex, Inc.