SYDNEY, AUSTRALIA--(Marketwire - June 18, 2010) -
Novogen Limited's subsidiary, Marshall Edwards, Inc. (NASDAQ: MSHL
), has announced today the appointment of Mr. Thomas Zech as its CFO and Company Secretary based in San Diego. This follows the appointment of Dr. Daniel Gold as CEO of Marshall Edwards, Inc. in April 2010 and is part of the continuing strategy to focus the Group's resources towards oncology drug research and development.
Following these appointments Novogen has restructured its Australian management team and has appointed Mr. Mark Hinze as CFO and Operations Manager of Novogen. Mr. Hinze has been with the Novogen Group for over 10 years and previously held the position of the Group's Financial Controller.
Mr. David Seaton, who was previously CFO of Novogen and CFO and Company Secretary of Marshall Edwards, Inc., and more recently Acting CEO, will leave the Company today. Also, due to the high priority of current and future clinical programs now being managed from the US, Novogen's Group Director of Research Professor Alan Husband will leave the Group at the end of June 2010.
"We are all grateful for the significant contribution Professor Husband and Mr. Seaton have made to the Group and wish them well in their future endeavors," said Philip Johnston, Chairman of the Board, Novogen Limited.
Mr. Johnston also said, "Following the results of OVATURE the Novogen Board has been conducting an exhaustive review of all options available to it to ensure shareholder value is maximized. These include structural options and changes to the composition of the Board and the Board expects to provide further information in the months ahead as these plans are finalized."
A number of other management changes will also take effect from the end of June as part of the restructure.
In the meantime, Novogen staff will continue to work closely with Marshall Edwards in developing the Group's cancer compounds, and will continue to provide Marshall Edwards with administration and technical services. In addition, Novogen will continue to seek opportunities to develop its Glucan technology and to maximize shareholder value from its Consumer Health Care business.
Novogen Limited (ASX: NRT) (NASDAQ: NVGN) is an Australian biotechnology company based in Sydney, Australia. The company has a Consumer Healthcare business and a Pharmaceutical Division developing a range of oncology therapeutics from its proprietary flavonoid synthetic chemistry technology platform. More information on the Novogen Group of companies can be found at 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 or differences in interpretation 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 party 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.