Novogen Limited (NRT) announced the completion of the sale of its consumer products business to Pharm-a-Care Laboratories Pty Limited for a total sale price of $A10.1million.
In making the announcement, William D Rueckert, Chairman said: “Over the past six months, Novogen’s Board has conducted a strategic review of all of the Company’s assets and operations. The consumer products division was considered non-core to the Company’s future focus on drug development. “The sale of this business represents a very successful outcome for the Company and its shareholders. We believe that the resources provided by the sale will allow Novogen to advance its therapeutic drug development opportunities. “It is the current intention of the Novogen Board to redeploy the bulk of the proceeds of this transaction into additional investment in the Company’s two majority owned subsidiaries, Marshall Edwards, Inc. and Glycotex, Inc. The additional capital will allow both Marshall Edwards and Glycotex to advance their respective development programs to clinical data points which we believe can create significant value for Novogen’s shareholders.”
Novogen Limited is an Australian biotechnology company based in Sydney, Australia. Novogen conducts research and development on oncology therapeutics through its 65 per cent owned subsidiary, Marshall Edwards, Inc. and is developing glucan technology through its 80.7 per cent owned subsidiary, Glycotex, Inc.