STAMFORD, Conn., Jan 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Pharmaceutical company, Novogen Limited (NVGN), has received its latest milestone royalty payment of US$863,000 under a license agreement with Solae LLC (a joint venture between DuPont's Protein Technologies International and Bunge Limited).
The companies entered the license agreement in November 1997, and the relevant patent applications are now at various stages of issue around the world. Solae has the worldwide rights (other than for Australia and New Zealand) to certain Novogen soy isoflavone technology.
Novogen has retained all rights to its own red clover-based isoflavone technologies. The Solae license relates specifically to Novogen patents or patent claims relating to soy applications.
The license requires Solae to make regular milestone payments and to pay royalties on sales of its products covered by the Novogen patents.
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 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.