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Novogen Agrees to Sell IP

Novogen Limited (NRT; NASDAQ: NVGN) today announced that it has reached agreement in principle with its subsidiary Marshall Edwards, Inc. (Nasdaq: MSHL), an oncology company focused on the clinical development of novel anti-cancer therapeutics, to acquire Novogen’s entire isoflavone-related intellectual property portfolio in a stockbased transaction. Specific terms of the proposed agreement were not disclosed. Novogen’s Chairman Philip Johnston said that this transaction is consistent with the Company’s strategy of strengthening Marshall Edwards as the best vehicle to exploit the isoflavone technology. “Success for Marshall Edwards will flow back to Novogen through its substantial shareholding in that company”. “We believe this is another important milestone for Marshall Edwards,” said Daniel P Gold, PhD President and Chief Executive Officer of Marshall Edwards. “The proposed transaction would enable us to maximise the value of the assets we already have under development as well as explore other potential product candidates within the portfolio.” Marshall Edwards currently has licensed rights from Novogen for oncology drug candidates phenoxodiol, triphendiol, NV-143 and NV-128. The agreement in principle was negotiated by an independent subcommittee of the Board of Directors of both companies. The closing of the transaction is subject to, among other things, due diligence, the execution of a definitive agreement, an independent fairness opinion and shareholder approvals.