Marshall Edwards secured $10 million through a securities subscription agreement with Novogen and OppenheimerFunds. Novogen, which is the parent company, in turn raised A$5.50 million, or $5.18 million, in an equity issue to take part in Marshall Edwards’ financing.
El Coronado Holdings, which is already a Novogen shareholder, paid A$1.22 per Novogen share. Following this placement El Coronado will hold 19.9% of Novogen's issued stock.
Marshall Edwards sold 2,908,295 shares to Novogen and 1,700,000 shares to Oppenheimer for $2.17 per share. The firm is focusing on the development of anticancer therapeutics derived from a flavonoid platform. Its lead investigational drug, phenoxodiol, is in a Phase III multinational trial for patients with recurrent ovarian cancer.