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Jul 30, 2008

Marshall Edwards Pockets $10M in Public Offering

  • 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.

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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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