ASX:NRT NASDAQ:NVGN
Novogen Ltd (Company)
ABN 37 063 259 754
MARKET RELEASE1 June 2017
NOVOGEN RECEIVES NASDAQ NOTICECapital Structure
Ordinary Shares on issue:
483 M
Board of Directors
Mr John O'ConnorChairman
Non-Executive Director
Mr Bryce CarmineDeputy Chairman
Non-Executive Director
Dr James GarnerChief Executive Officer Managing Director
Mr Ian Phillips MNZMNon-Executive Director
Mr Iain RossNon-Executive Director
Mr Steven CoffeyNon-Executive Director
Sydney, 1 June 2017 -Australian oncology-focused biotechnology company, Novogen Limited (ASX: NRT; NASDAQ: NVGN) is listed on the Australian Stock Exchange and has an American Depositary Receipt (ADR) program in place in the US through the NASDAQ stock market. Each one ADR represents a bundle of 25 ASX listed ordinary shares.
On 31 May 2017 the Company received a letter, dated 30 May 2017, from NASDAQ notifying that for the last 30 consecutive business days the bid price of the Company's common stock closed below the minimum US$1 per share requirement for continued inclusion on the NASDAQ Capital Market under NASDAQ Rule 5450(a)(1).
According to NASDAQ's letter, the Company will be afforded a grace period of 180 calendar days in which to regain compliance. In order to regain compliance, shares of the Company's common stock must maintain a minimum bid closing price of at least US$1 per share for a minimum of 10 consecutive business days during the grace period.
During the 180 day compliance period, Novogen intends to actively pursue those steps that will lead it to continue to comply with its obligations under the NASDAQ listing rules. During the period, Novogen's ADRs will continue to trade uninterrupted on the NASDAQ under the code NVGN.
In the event that the Company does not comply during the 180 day period, it may be eligible to receive an additional 180-day compliance period. The notification has no effect on the ASX listing, and no immediate effect on the Company's listing on NASDAQ Capital Market or trading of the Company's ADRs on that market.
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About Novogen LimitedNovogen Limited (ASX: NRT; NASDAQ: NVGN) is an emerging oncology-focused biotechnology company, based in Sydney, Australia. Novogen has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best- in-class agents in a range of oncology indications.
The lead program is GDC-0084, a small molecule inhibitor of the PI3K / AKT / mTOR pathway, which is being developed to treat glioblastoma multiforme. Licensed from Genentech in late
2016, GDC-0084 is anticipated to enter phase II clinical trials in 2017. A second clinical program, TRXE-002-01 (Cantrixil) commenced a phase I clinical trial in ovarian cancer in December 2016. In addition, the company has several preclinical programs in active development, the largest of which is substantially funded by a CRC-P grant from the Australian Federal Government.
For more information, please visit: www.novogen.com
Novogen Limited published this content on 01 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 June 2017 09:11:21 UTC.
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