Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0

24 May 2000 08:08

ASX-Novogen LimitedNovogen Nasdaq listing upgraded to National Board



HOMEX - Sydney

ASX listed pharmaceutical company, Novogen Limited (code: NRT) has
announced that its stock has been upgraded to the Nasdaq National
Market (code: NVGN), in the United States (US).

Novogen shares have traded in the form of American Depositary
Receipts (ADRs) on the Nasdaq SmallCap Market, since January 1999.

Novogen's Managing Director, Mr Christopher Naughton, said the
upgrade was recognition that the Company had achieved critical mass
in the competitive US market.

"Admission to the National board signifies that Novogen has achieved
the necessary market turnover and US shareholder base to trade in an
expanded and more widely reported market," Mr Naughton said.

"This is a significant achievement in the current market and a
milestone for an Australian pharmaceutical company."

Novogen stock will continue to trade on Nasdaq in the form of ADRs,
with one ADR being equivalent to five ordinary Australian shares.

The Bank of New York is the depositary for the ADRs.

According to Mr Naughton, an important consideration in pursuing a
Nasdaq listing is the growing interest in the USA in the Company's
ongoing intellectual property portfolio, particularly in the
pharmaceutical sector.

"This portfolio is based on Novogen's pre-eminence in the field of
phenolic hormones and the potential for the development of these
hormones as important new pharmaceuticals," Mr Naughton said.

One of these hormones, NV-06, is a synthetic version of a naturally
occurring human phenolic hormone discovered by Novogen scientists
that has shown potent and novel anti-cancer activity against human
cancer cells. NV06 is a potent inhibitor of topoisomerases and
protein tyrosine kinases, enzyme systems important to the cancer

The Company is developing the compound for the treatment of prostate
cancer, the most common cause of cancer related deaths in men and on
7 February 2000, announced the commencement of Phase 1 clinical trials
in prostate cancer patients.

The Phase 1 trial, being conducted at a major public hospital in
Sydney, Australia, is providing important preliminary information on
the use of NV06 in an intravenous form in patients with malignant

Results of the trial will form part of a submission to the United
States, Food and Drug Administration (FDA), for approval for human
clinical trials to be conducted in cancer patients in the USA during
the second half of this calendar year.

Novogen has established a pilot production facility for the
manufacture of NV-06 to approved pharmaceutical standards and will
manufacture the drug throughout the clinical development program.

The market for a prostate cancer treatment is considerable, with more
than 300,000 new cases of the disease diagnosed each year in the US,
alone and no universally satisfactory therapeutic treatments
currently available.

The Australian Government's R&D Start program has provided funding of
up to $2.79M to assist in the development of NV-06.

Headquartered in Sydney, Australia, Novogen currently manufactures
and sells worldwide two natural isoflavone dietary supplements for
health care, Promensil(TM), for menopausal women and Trinovin (TM),
for men.

Issued For : Novogen Limited

For Further
Information : Mr Christopher Naughton, MANAGING DIRECTOR
Novogen Limited
Tel (02) 9878 0088

Issued By : Westbrook Communications
Contact: David Reid Tel (02)9231 0922 or
0417 207 157 (Mobile)

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.