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Novogen, Marshall Edwards sign asset sale, purchase agreement

Novogen and Marshall Edwards have entered into a definitive asset purchase agreement pursuant to which Marshall Edwards will acquire Novogen's isoflavone-based intellectual property portfolio in exchange for $4m in preferred stock.

Novogen and Marshall have finalised the arrangements referred to in the notice of 8 September 2010.

Utilising a novel isoflavone-based technology platform, researchers at Novogen have generated more than 400 new chemical structures, including a number of compounds that have demonstrated robust anti-tumour activity in cancer cells.

The asset purchase agreement cancels any prior licensing agreements between the two companies, including any potential future royalty payments.

Marshall Edwards’ board of directors chairman Bryan Williams said that this agreement represents the culmination of a watershed year at Marshall Edwards.

"Now armed with a hand-selected management team, oncology drug development expertise and the flexibility to develop these valuable assets, we are poised to enter the clinic with two next-generation drug candidates in the coming year," Williams said.

"In addition, this strategic acquisition will enable us to explore other potential candidates and indications within the portfolio while enhancing our ability to partner."