SAN DIEGO, May 8, 2012 /PRNewswire/ -- Marshall
Edwards, Inc. (Nasdaq: MSHL), an oncology company focused on the
clinical development of novel therapeutics targeting cancer
metabolism, announced that its majority shareholder, Novogen
Limited, has exercised rights to acquire $4
million of Units, subject to availability, in Marshall Edwards' ongoing rights offering
following approval at a meeting of Novogen stockholders in
Sydney on Monday.
Pursuant to the rights offering, Marshall Edwards distributed one subscription
right for each share of common stock owned to holders of record as
of 5:00 p.m., Eastern time, on
March 30, 2012. Each subscription
right entitles the holder to purchase one Unit, which consists of
0.5 shares of the Company's common stock and a warrant to purchase
0.25 shares of the Company's common stock. Holders of the Company's
outstanding Series A warrants also received one subscription right
for each share of common stock issuable pursuant to such
warrants.
The offering also includes an over-subscription privilege, which
entitles stockholders to purchase additional Units that remain
unsubscribed at the expiration of the rights offering. If the
offering is fully subscribed, gross proceeds will be approximately
$7.6 million, before deducting fees
and expenses. Marshall Edwards
intends to use the net proceeds from the offering primarily to
continue the clinical development of its two lead oncology drug
candidates, ME-143 and ME-344.
The rights offering will expire at 5:00
p.m., Eastern time, on Friday, May
11, 2012.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of Marshall Edwards, Inc. nor shall there be any
sale of securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction. A copy of the prospectus for the rights offering may
be obtained by contacting the Company's investor relations
department at investor@marshalledwardsinc.com or (858)
369-7199.
About Marshall Edwards
Marshall Edwards, Inc. (Nasdaq:
MSHL) is a San Diego-based
oncology company focused on the clinical development of novel
therapeutics targeting cancer metabolism. The Company's lead drug
candidates, ME-143 and ME-344, have been shown in laboratory
studies to interact with specific enzyme targets resulting in
inhibition of tumor cell metabolism, a function critical for cancer
cell survival. Marshall Edwards
initiated a Phase I clinical trial of intravenous ME-143 in
patients with solid refractory tumors in September 2011 and plans to present safety and
pharmacokinetic data from the trial at the American Society of
Clinical Oncology Annual Meeting in June
2012. The Company received approval of its Investigational
New Drug application for ME-344 in April
2012 and initiated a Phase I clinical trial of intravenous
ME-344 in patients with solid refractory tumors shortly thereafter.
For more information, please visit www.marshalledwardsinc.com.
Under U.S. law, a new drug cannot be marketed until it has
been investigated in clinical trials and approved by the FDA as
being safe and effective for the intended use. 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 or differences in interpretation 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.
SOURCE Marshall Edwards, Inc.