Novogen Delays MEI Prospectus

Novogen Limited today announced that it had delayed publication/the release of the prospectus for the initial public offering (IPO) of shares in Marshall Edwards Incorporated (MEI).

This follows the receipt of a request (an interim stop order) from the Australian Securities and Investment Commission (ASIC) for clarification of certain matters in the prospectus.

Some of these matters relate to the clinical trial program for phenoxodiol, the novel anti-cancer drug now approved for clinical trials in the US and currently in clinical trials on cancer patients, in Australia.

The directors of Novogen said that given phenoxodiol had received Investigational New Drug status from the US Federal Drugs Administration and the size of the Marshall Edwards offer in terms of Australian biotech companies, it was important that all outstanding issues be resolved with ASIC before the IPO proceeded.

Other issues relate to the accounting and detail of the valuation in the prospectus. ASIC has also sought confirmation from Novogen that the lenders to the company have granted consent to the arrangements to be undertaken.

Directors believe that none of the ASIC queries posed the company any difficulty and they anticipated an expedited clearance of the MEI prospectus.

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