Novogen on track to regaining Nasdaq compliance

Novogen (ASX:NRT) is on track to regaining compliance with Nasdaq listing rules and its CEO is preparing to showcase the company at two major investment conferences this month.

The Nasdaq has approved Novogen’s plans to demonstrate compliance with the rule and given the company until 6 May to file a publicly available report providing disclosures and affirmations to that effect.

Nasdaq listing rules require companies to either have at least US$2.5 million ($3.2 million) in stockholders’ equity, listed securities with a market value in excess of US$35 million or a minimum annual net income of US$500,000.

To regain compliance with the rules, Novogen completed a $1.5 million equity private placement in November and a $5.6 million equity private placement to US investors in December. This takes its shareholder equity to around $6.2 million.

“We regard ourselves as a joint Australian-US company. To that end we intend to maintain our dual listing on both the ASX and Nasdaq,” Novogen CEO Dr Graham Kelly said.

“Novogen is pursuing a strategy of growing both its presence and its shareholder base in the US. By the end of 2015 we anticipate the majority of our stock being traded on Nasdaq as ADRs.”

Kelly has meanwhile arranged to present details of the company at both the Biotech and Money London investor conference being held this week, and at the BIO & CEO Investor Conference in New York next week.

Kelly will outline the company’s oncology drug technology platforms - super-benzopyrans and anti-tropomyosins - and will also present a review of the company’s clinical strategy and anticipated timetable.

Novogen (ASX:NRT) shares were trading 14.2% higher at $0.137 as of around 2 pm on Tuesday.