SYDNEY, Australia and STAMFORD, Conn., Feb 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- The license covering Novogen (ASX: NRT) (NVGN) patent rights to soy isoflavones, which was with the DuPont joint venture company Solae LLC, has now been transferred to Archer Daniels Midland Company (ADM).
ADM has assumed the rights and obligations formerly held by Solae, including royalty and milestone payments under the Novogen license.
ADM is one of the world's largest processors of soybeans, and has over 26,000 employees, more than 250 processing plants and net sales for the fiscal year ended June 30, 2004 of over $US 36 billion.
The transfer of the Novogen patent license and certain other business of Solae to ADM consolidates ADM's position as one of the world leaders in the soy industry.
The Novogen license to ADM is worldwide, other than for Australia and New Zealand.
Novogen CEO Christopher Naughton said the transfer of the license coincided with the settlement of litigation initiated by Solae against ADM, and was facilitated by Novogen's consent to the transfer.
Novogen has become one of the world's leading research and development companies in the field of isoflavones and human health. This knowledge has made Novogen the leader in the related field of phenolic drugs research for novel anti-cancer compounds.
Novogen markets the menopause health supplement Promensil(TM) and the prostate health supplement Trinovin(TM).
Phenoxodiol, the Company's leading anti-cancer compound, has received Fast Track designation for recurrent ovarian cancer as well as for hormone refractory prostate cancer from the Food and Drug Administration in the U.S. The rights to commercialize this drug are licensed to the Company's majority owned subsidiary, Marshall Edwards, Inc., (MSHL) (LSE-AIM: MSHL). More information can be found at http://www.novogen.com and http://www.marshalledwardsinc.com.
Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our failure to successfully commercialize our product candidates; costs and delays in the development and/or FDA approval, or the failure to obtain such approval, of our product candidates; uncertainties in clinical trial results; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.