Full Press Release Details
| CONTACTS: | Warren Lancaster | |
| 1-203-966-2556 (USA) | ||
| warren.lancaster@marshalledwardsinc.com | ||
| David Sheon | ||
| 1 202 547-2880 (USA) | ||
| dsheon@WHITECOATstrategies.com |
MARSHALL EDWARDS, INC. RECEIVES NASDAQ NOTICE OF MINIMUM
STOCKHOLDERS EQUITY NON-COMPLIANCE
NEW CANAAN, CT May 24, 2010 Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer therapeutics announced today that
on May 18, 2010, it received a notice from Nasdaq indicating that the Company failed to comply with
the minimum stockholders equity requirement set forth in Nasdaq Listing Rule 5450(b)(1)(A) for
continued listing of its common stock on the Nasdaq Global Market because the Company s
stockholders equity as of March 31, 2010 as set forth in their quarterly report on Form 10-Q for
the period ended March 31, 2010 of $9.16 million was below the $10 million minimum stockholders
equity requirement. The notice also stated that the Company would be provided 45 calendar days, or
until July 2, 2010, to submit a plan to regain compliance and if the plan is accepted the Company
would be granted an extension of 180 calendar days from May 18, 2010 to regain compliance.
The Company intends to pursue a capital raising transaction within the time provided by Nasdaq
rules if market conditions permit to further fund development of our two promising product
candidates triphendiol and NV-128. In the alternative, the Company intends to apply to transfer
the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market. The
Company believes it would be in compliance with the minimum stockholders equity requirement and
all other criteria that would be applicable for continued listing on the Nasdaq Capital Market.
About Marshall Edwards, Inc.
Marshall Edwards, Inc. is a specialist oncology company focused on the clinical development of
novel anti-cancer therapeutics. These derive from a flavonoid technology platform, which has
generated a number of novel compounds characterized by broad ranging activity against a range of
cancer cell types with few side effects. The combination of anti-tumor cell activity and low
toxicity is believed to be a result of the ability of these compounds to target an enzyme present
in the cell membrane of cancer cells, thereby inhibiting the production of pro-survival proteins
within the cell. Marshall Edwards has licensed rights from Novogen Limited (ASX: NRT NASDAQ: NVGN)
to bring four oncology drugs phenoxodiol, triphendiol
NV-143 and NV-128 to market globally.
Marshall Edwards is majority owned by Novogen (ASX: NRT, NASDAQ: NVGN), an Australian biotechnology
company that is specializing in the development of therapeutics based on a flavonoid technology
platform. Novogen is developing a range of therapeutics across the fields of oncology,
cardiovascular disease and inflammatory diseases. More information on phenoxodiol and on the
Novogen group of companies can be found at www.marshalledwardsinc.com and www.novogen.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 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.