STAMFORD, Conn., Jan. 11 /PRNewswire-FirstCall/ -- Pharmaceutical company Novogen Limited announced today that Glycotex, Inc., its US subsidiary, is withdrawing its Form S-1 Registration Statement from the Securities Exchange Commission and is postponing the initial public offering of its common stock units.
Glycotex wishes to further advance the development program for its wound healing and tissue repair product candidates, and currently intends to re-file a registration statement later in 2006.
Glycotex, Inc. is a clinical stage biopharmaceutical company focused on discovering and developing a novel class of drugs for human wound healing and tissue repair.
Novogen (Nasdaq: NVGN - News; ASX: NRT - News) is a world leader in the research and development of drugs derived from its phenolic technology platform. The Company manages its international research and development programs using the expertise and clinical research capabilities of universities and hospitals in the US, Australia and other key international locations. The oncology compound phenoxodiol is being developed by the Company’s listed subsidiary Marshall Edwards Inc. (Nasdaq: MSHL - News).
Under U.S. law, a new drug cannot be marketed until it has been investigated in clinical trials. After the results of these trials are submitted in a new drug application to the FDA, the FDA must approve the drug as safe and effective before marketing can take place.
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.
Source: Novogen Limited
