Novogen’s largest shareholder leaves board

Novogen (ASX:NRT) board member and largest shareholder Josiah Austin has resigned his post as a non-executive director.

Austin, a resident of the US, has stepped down citing the practical difficulties of having to attend monthly board meetings in Australia.

Novogen founder and CEO Dr Graham Kelly said the move had been expected. “I asked Josiah to stay on when Triaxial merged with Novogen late last year to provide some continuity,” he said.

“Now with the new board functioning smoothly, he believes it is time for him to go and avoid the rigours and expense of a monthly plane trip.”

Kelly added that Austin has indicated he intends to maintain his shareholding in the merged company.

Kelly founded Novogen in 1992 but left the company in 2005. He co-founded Triaxial with two other former Novogen scientists in 2009 and was re-appointed Novogen CEO after the company bought Triaxial for $1.9 million.

Novogen shares were trading 7.69% lower at $0.18 as of around 2.30 pm on Friday.