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 STAFF DETERMINATION
NEW CANAAN CT March 19, 2010 Marshall Edwards, Inc. (NASDAQ: MSHL), a specialist oncology
company focusing on the clinical development of novel anti-cancer therapeutics, announced today
that on March 16, 2010, it received written notification (the Staff Determination ) from The
Nasdaq Stock Market, Inc. ( Nasdaq ) that, based upon the Company s failure to regain compliance
with the $1.00 per share minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1)
by March 15, 2010, the Company s common stock is subject to delisting at the opening of business on
March 25, 2010, unless the Company requests a hearing before a Nasdaq Listing Qualifications Panel
on or before 4:00 p.m. Eastern Time on March 23, 2010. The Company intends to request a hearing
before the Nasdaq Listing Qualifications Panel to address the minimum bid price deficiency before
4:00 p.m. Eastern Time on March 23, 2010, which request will stay any action with respect to the
Staff Determination until the Nasdaq Listing Qualifications Panel renders a decision subsequent to
the hearing. However, there can be no assurance that Nasdaq will grant the Company s request for
As previously announced on September 22, 2009 by the Company, it received a notice from Nasdaq on
September 16, 2009 indicating that the Company failed to comply with the minimum bid price
requirement because the bid price of its common stock closed under $1.00 per share for 30
consecutive business days. The notice also stated that, in accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company would be provided 180 calendar days, or until March 15, 2010, to regain
compliance with the minimum bid price requirement. To regain compliance, the closing bid price of
the Company s common stock had to remain at or above $1.00 per share for a minimum of 10
consecutive business days prior to the market close on March 15, 2010. The Company
did not regain compliance with the $1.00 minimum bid price requirement by such time, which resulted
in the issuance of the Staff Determination
On February 9, 2010, the Company announced that its Board of Directors has approved a reverse stock
split of the Company s common stock. The Board s decision is intended to ensure that Marshall
Edwards is in full compliance with Nasdaq s listing rules. The reverse stock split is subject to
stockholder approval at the Special Meeting of the Stockholders scheduled to be held on March 29,
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, 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.