Novogen postpones Glycotex IPO due to market conditions

By Ronda Fears

Nashville, Jan. 11 - Novogen Ltd. (Nasdaq: NVGN) announced Wednesday that its United States subsidiary Glycotex, Inc. is withdrawing its initial public offering registration statement from the Securities Exchange Commission and is postponing the IPO.

Glycotex had proposed offering 3.75 million common stock units with a greenshoe of 562,500 units. The issue had been expected to price between $8 and $10 per unit.

Both Glycotex and Novagen are based in North Ryde, New South Wales, Australia.

Glycotex is a clinical stage company focused on a novel class of drugs for human wound healing and tissue repair. Net proceeds, estimated at $30.07 million at the mid-point of the price range and $34.78 million with the greenshoe, had been earmarked for operations and general purposes.

Glycotex intends to re-file a registration statement later in 2006, Novogen said, as the company wants to further advance its development program.

Janney Montgomery Scott LLC is underwriter.

Novogen conducts research and development of drugs derived from its phenolic technology platform. The oncology compound phenoxodiol is being developed by the company's listed subsidiary Marshall Edwards Inc. (Nasdaq: MSHL), also based in North Ryde.

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