STAMFORD, Conn., Jan. 6 -- Pharmaceutical company, Novogen Limited (Nasdaq: NVGN), today announced receipt of a milestone royalty payment under a license agreement signed with DuPont Protein Technologies. This payment was in the amount of $1.3 million.
The companies entered this license in November 1997, and the relevant patent applications are now at various stages of issue around the world. DuPont Protein Technologies has the worldwide rights (other than for Australia and New Zealand) to certain Novogen soy isoflavone technology.
Under the license agreement, Novogen received initial consideration of $11 million, an additional payment by way of equity placement of $2.2 million in November 1998, and $826,000 in January 2002.
The license requires DuPont Protein Technologies to make regular milestone payments and to pay royalties on sales of its products covered by the Novogen patents.
Novogen has retained all rights to its own red clover-based isoflavone technologies. The DuPont Protein Technologies' license relates specifically to Novogen patents or patent claims relating to soy applications.
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 phenolic drugs research for novel anti-cancer compounds.
Novogen markets the menopause health supplement Promensil(TM), the post-menopausal supplement Rimostil(TM), and the prostate health supplement Trinovin(TM). Phenoxodiol, the Company's lead anti-cancer compound, is in human Phase II clinical trials undertaken by subsidiary Marshall Edwards Inc. in the U.S. and Australia, including a trial currently underway at the Yale University School of Medicine.
More information can be found at http://www.novogen.com