STAMFORD, Conn. and SYDNEY, Australia, Feb. 27 /PRNewswire-FirstCall/ -- Novogen Limited reports that its U.S. subsidiary company Glycotex, Inc., has received the first tranche of a private share placement. Funds received total US $1.6 million. The investors collectively received shares totaling 3.6 percent of Glycotex.
Novogen retains an 81.3 percent interest in the Company.
Glycotex, Inc., is a clinical stage biopharmaceutical company focused on discovering and developing drugs for human wound healing and tissue repair.
Glycotex CEO and President, Reinhard Koenig, MD, said that the funding would enable Glycotex to pursue its plan of proceeding to a U.S. investigational new drug application (IND) for its lead drug candidate Glyc- 101.
"We intend to apply for an IND and confirm our U.S. clinical trial program prior to initiating the process of an Initial Public Offering," Dr. Koenig said.
Glyc-101 is designed as a topical gel to apply directly on a wound surface. The mechanism of action suggests a potential for accelerating the time to wound closure, improving quality of life and lowering the overall cost of care.
Glycotex, Inc., is based in Rockville, Maryland.
Novogen Limited is an Australian biotechnology company that has patented isoflavone technology for the treatment and prevention of degenerative diseases and disorders. Over the past ten years, Novogen has conducted the largest and most comprehensive isoflavone clinical testing programs in the world. Novogen is involved in drug discovery and product development for disorders that are commonly associated with aging and coordinates an international clinical research and development program with external collaborators, hospitals and universities. More information can be found at http://www.novogen.com.
Novogen's investigational anti-cancer drug phenoxodiol is currently in Phase III human clinical trials in the U.S., Europe and Australia. The rights to commercialize this drug are licensed to the Company's majority owned, Marshall Edwards, Inc., . More information can be found at http://www.novogen.com and http://www.marshalledwardsinc.com.
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 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.