SYDNEY, Jan. 4, 2012 /PRNewswire/ -- The Company today announced that it has modified the provisions of its American Depository Receipt ("ADR") program. The previous conversion ratio of 5 Novogen Limited ordinary shares for each ADR share will now be 25 Novogen Limited ordinary shares for each ADR share. The change will be effective from 3 January, 2012. The change in the ADR ratio will have no effect on the number of outstanding common shares the company has on issue or the listing of its common shares on the ASX.
In making the announcement, William D Rueckert, Chairman stated: "The ratio change and resulting increase in the market price for our ADR shares, as listed on NASDAQ, will bring our ADR shares back into compliance with NASDAQ's $1.00 minimum bid price requirement. We believe that continued listing on both the ASX and NASDAQ provides important liquidity on two major exchanges for our shareholders and for the Company."
In a separate transaction, the Company also announced today that it has made an additional investment in its majority owned drug development subsidiary, Marshall Edwards with the purchase 1,941,747 common shares for a total of $2,000,000. The proceeds will support the continued development of Marshall Edward's drug development programs.
About Novogen LimitedNovogen Limited (ASX: NRT, Nasdaq: NVGN, Nasdaq: NVGND) is an Australian biotechnology company based in Sydney, Australia. Novogen conducts research and development on oncology therapeutics through its subsidiary, Marshall Edwards, Inc., and is developing glucan technology through its subsidiary, Glycotex, Inc. More information on the Novogen group of companies can be found at www.novogen.com .
SOURCE Novogen Limited