SYDNEY, Sept. 14, 2016 /PRNewswire/ -- On 19 April 2013, the shareholders of Novogen Limited approved the issue of 60,000,000 convertible securities, with a face value of $1.5M, to the former securities holders of Triaxial Pharmaceuticals Pty Ltd. The conversions of the convertible notes are contingent upon three milestones, defined as follows:
- on completion of Phase 1a clinical trial, which will occur upon the receipt by NRT of a signed study report: $400,000 converted into 16,000,000 ordinary shares in NRT;
- on receipt of Investigational New Drug (IND) approval from the US Food and Drug Administration (FDA): $500,000 converted into 20,000,000 ordinary shares in NRT; and
- on completion of Phase II clinical trial or achieving Breakthrough Designation. Completion will be deemed to occur upon the receipt by NRT of a signed study report or notification of the designation: $600,000 converted into 24,000,000 ordinary shares in NRT.
There is a possibility of an early conversion of the convertibles notes if a third party acquires more than 50% of the issued capital of NRT.
On 11 August 2016, NRT announced the submission of an IND application with the FDA. On 10 September 2016, NRT received a letter from the FDA advising that the study may proceed. Accordingly, NRT advised the note holders of this conversion event and a resolution of the directors of NRT was passed on 14 September 2016 approving the issue of 20,000,000 ordinary shares to the note holders. The ordinary shares are issued on 14 September 2016.
About Novogen Limited
Novogen Limited (ASX: NRT; NASDAQ: NVGN) is an oncology-focused biotechnology company based in Sydney, Australia. Novogen has two proprietary drug discovery platforms (superbenzopyrans and anti-tropomyosins) with the potential to yield first-in-class agents across a range of oncology indications. The three lead molecules Cantrixil, Anisina, and Trilexium are in preclinical development, with the most advanced molecule, Cantrixil, slated to enter clinical trials in late 2016. For more information, please visit: www.novogen.com
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SOURCE Novogen Limited