North Ryde. Economic climate affects Novogen

Australian pharmaceutical R&D company, Novogen, at North Ryde, has announced it would focus on its activities on its oncology program because raising capital for extended programs was difficult in the current economic climate. Novogen would rely on its internal resources to concentrate on the expanding oncology portfolio. Along with this decision, Novogen has taken several steps to reduce costs so that existing cash reserves are devoted to maintaining the significant potential on the oncology program. As it proceeds closer to commercialisation of its oncology R&D, and when financial market conditions become more favourable, Novogen would be in a better position to fund work on the remainder of its intellectual property.