Novogen subsidiary raises US$10m

Marshall Edwards, the US subsidiary of Novogen (ASX:NRT), has raised US$10.1 million through the exercise of expiring warrants by shareholders.

Marshall Edwards is listed on London's AIM exchange (AIM:MSH), and in late September the company announced plans to list on the US's Nasdaq exchange.

According to Alan Husband, group VP for research at Marshall Edwards and research director at Novogen, the funds will be used to further progress clinical development of Marshall Edward's anti-cancer drug phenoxodiol.

Phenoxodiol is in Phase II clinical trials in both Australia and the US for a number of different cancers including ovarian, prostate and cervical cancer. In addition to its own chemotherapeutic effects, the drug appears to sensitise tumour cells to the effects of other chemotherapeutic agents.

The share price of Novogen remained steady at AUD$8.00 in Australia.