SAN DIEGO, April 14, 2011 /PRNewswire/ -- Marshall Edwards, Inc.(Nasdaq: MSHL), an oncology company focused on the clinical development of novel therapeutics targeting cancer metabolism, announced the election of William D. Rueckert to its board of directors following the Company's Annual Meeting of Stockholders yesterday.
"We are very fortunate to add a director of Bill's caliber to our board," said Daniel P. Gold, Ph.D., President and Chief Executive Officer of Marshall Edwards. "His unique blend of investment expertise, business acumen and boardroom experience combined with a deep knowledge and understanding of Marshall Edwards will be of great benefit as we enter the next stage of development for our company."
Mr. Rueckert's experience covers a broad range of industries, including healthcare, financial services and natural resources. He is the Managing Member of Oyster Management Group LLC, an investment fund specializing in community banks. From 1991 to 2006 he was President and Director of Rosow & Company, a private investment firm based in Connecticut. Previously, Mr. Rueckert served as President and Director of Eastern Capital Development, LLC, Treasurer of Moore & Munger, Inc., a company with interests in the petroleum and resort development industries, and President of United States Oil Company, a publicly traded oil exploration business.
Mr. Rueckert previously served as a director of Marshall Edwards from March 2007 until March 2009, when he was appointed as a director of Novogen Limited. He was elected Chairman of the Novogen board of directors in October 2010. In addition to Marshall Edwards and Novogen, he currently serves as a member of the board of directors of Chelsea Therapeutics International, Ltd., a publicly traded biopharmaceutical company. Among his many civic associations, Mr. Rueckert is Director and President of the Cleveland H. Dodge Foundation, a private philanthropic organization in New York City, and Chairman of the Board of the Trustees of Teachers College, Columbia University.
Philip Johnston, who served as a member of the Marshall Edwards board of directors since April 2001, elected not to stand for re-election at the Annual Meeting. Mr. Johnston also served as Chairman of the Novogen board of directors from January 2001 to October 2010.
"I want to take this opportunity on behalf of the entire board to thank Philip for his years of dedicated service to Marshall Edwards," said Professor Bryan R.G. Williams, Chairman of the Marshall Edwards board of directors.
Asset Purchase Agreement
In addition, the Company's previously announced asset purchase agreement with Novogen Limited was approved at yesterday's Annual Meeting of Stockholders. Under the agreement, Marshall Edwards will acquire Novogen's isoflavone-based intellectual property portfolio in exchange for $4 million of convertible preferred stock. The closing of the transaction is subject to the approval of Novogen shareholders.
About Marshall Edwards
Marshall Edwards, Inc. (Nasdaq: MSHL) is a San Diego-based oncology company focused on the clinical development of novel anti-cancer therapeutics. The Company's lead programs focus on two families of small molecules that result in the inhibition of tumor cell metabolism. The first and most advanced is a NADH oxidase inhibitor program that includes lead drug candidate NV-143. The second is a mitochondrial inhibitor program that includes NV-128 and its next-generation candidate NV-344. Both programs are expected to advance into the clinic in 2011. For more information, please visit www.marshalledwardsinc.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 or differences in interpretation 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.
SOURCE Marshall Edwards, Inc.