STAMFORD, Conn., Jan 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Novogen Limited (NVGN), the world leader in isoflavone research, has settled, for an undisclosed amount and terms, the legal action it had taken against the General Nutrition Corporation ("GNC").
The lawsuit alleged that certain menopause products sold under the GNC brand infringed one of Novogen's U.S. patents (Patent No. 6,562,380).
In addition to an undisclosed monetary settlement GNC has agreed to reinstate the sale of Promensil(TM), Novogen's leading consumer product of red clover isoflavones for the relief of menopausal symptoms, through GNC's retail outlets. GNC is a retailer of health food supplements in the U.S. with 4,800 retail outlets and 1,300 franchise stores.
The Chief Executive of Novogen, Mr. Christopher Naughton, said Novogen is dedicated to the development of isoflavonoid technology, protected by intellectual property, in both the dietary supplement and prescription pharmaceutical arenas.
"The resolution of this matter is significant recognition of the value of our isoflavone patent portfolio," Mr. Christopher Naughton said.
Novogen manages its international research and development programs utilizing the expertise and clinical research capabilities of universities and hospitals in the U.S., Australia and other key international locations.
The Company markets a range of dietary supplement products based on isoflavones derived from red clover. Its leading dietary supplement products are Promensil, for the relief of menopausal symptoms, and Trinovin(TM), for prostate health.
Novogen's investigational anti-cancer drug phenoxodiol is currently in Phase II human clinical trials in the U.S. and Australia. 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.