Monday, 24 December 2001

ASX RELEASE

Phenoxodiol clinical advances have leapfrogged the MEI prospectus.

Novogen has today announced that due to delays in hearing its case and the significant development progress made with its anti-cancer drug phenoxodiol, its subsidiary company MEI, has withdrawn its appeal to the stop order placed on the now superseded MEI prospectus.

In the period since lodgement of the prospectus, phenoxodiol has commenced clinical trials in the US and considerably advanced its clinical program in Australia. MEI has surpassed its projections by:

· developing an oral formulation of phenoxodiol and having it approved for use in patients;

· commencing 3 more clinical studies in cancer patients including 1 trial in the US;

· having the FDA approve an expedited phenoxodiol clinical trial program;

· receiving confirmation of the drug’s high safety index in patients; and

· announcing the results of the first clinical study at the joint meeting of the American Association for Cancer Research (AACR), the National Cancer Institute (NCI), and the European Organization for Research and Treatment of Cancer (EORTC) in Miami, USA.

Novogen’s Managing Director, Christopher Naughton, said, “the April 2001 MEI prospectus is no longer current because of the progression in our clinical trial program during the protracted delay in having the matter heard. We feel it has reached the stage where it is counterproductive to dedicate executive time and Company resources to a prospectus which is out of date.”

“The legal costs involved in lifting the stop order are now better spent on further expediting the clinical trial program,” Naughton said.

The Boards of Novogen and MEI will consider an international listing for the US company MEI when the general economic climate improves.

ISSUED FOR : NOVOGEN LIMITED

LISTINGS : ASX (CODE NRT) NASDAQ (CODE NVGN).

FOR FURTHER INFORMATION : MR CHRISTOPHER NAUGHTON, MANAGING DIRECTOR, NOVOGEN LIMITED TEL (02) 9878 0088 http://www.novogen.com

ISSUED BY : WESTBROOK COMMUNICATIONS CONTACT: DAVID REID TEL (02) 9231 0922 OR 0417 217 157

Copyright © 2001 - Marshall Edwards Inc.