Novogen Share Issue

The Directors of Novogen Limited have announced the issue of 5.018 million ordinary shares.

Novogen has received acceptances for these shares from a number of international investment institutions. The issue price is $3.5819 being the volume weighted average price of Novogen listed shares for the four weeks prior to the issue.

Novogen Limited will receive $17.9 million from the issue.

The Directors considered this capital raising prudent in light of the significant growth opportunities facing the Company in the short-term. This growth will come from the Company’s commercialisation of its over the counter products, and the continuing rapid development of the drug programs.

The Company has recently announced that it has completed a phase I(a) clinical study with its anti-cancer drug NV-06. To ensure that the Company maximises its equity value in this product, Novogen intends to manage the development of NV-06 at least through to Phase II trials.

Funds are required to continue the NV-06 Phase I clinical trials in Australia, and to fund the Phase I/II clinical trials in the USA for which FDA approval will be sought this year.

Funds are to be allocated from this capital raising for this purpose. This issue will also augment Novogen’s cash flow from the current international sales of its OTC products Promensil, Trinovin and the newly launched supplement for post-menopausal women, Rimostil.

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