Novogen Announces Change of Board Members and Costs

Australian oncology-focused biotechnology company Novogen Limited (ASX: NRT) announce today a transformation of the Board of Directors and a cost reduction program.

KEY TAKEAWAYS:

• Chairman, John O’Connor and Non-Executive Director, Ian Phillips step down from the Novogen Board.
• Iain Ross appointed Chairmain. Bryce Carmine and Steven Coffey continue as Non-Executive Directors, and Dr James Garner continues as CEO and Executive Director.

The announcement reflects ongoing efforts to accomplish Board refreshment and the determination that a four-person board is more optimal for Novogen’s current phase of life. It follows several prior transformative steps taken during recent months to transition Novogen to a clinical-stage drug development organisation. John O’Conner and Ian Phillips have been centrally involved in guiding the company through these transitional steps. As the Company moves from a planning phase into executing on its clinical programs, it is believed the skillset of the reduced board will provide appropriate guidance to steer Novogen through its next phase.

Chairman Iain Ross commented, “Under the leadership of our CEO, Dr James Garner, we have transformed Novogen over the last 18 months and now have a clear focus and direction. In coming months, we expect to progress the development of our assets. We have two unique oncology programs in clinical development and we will focus the majority of our resources accordingly to ensure we create sustainable long-term shareholder value.”

Both Ian Phillips and John O’Connor have been instrumental in guiding the Novogen Board and Management over the last two years and we are grateful to them for their outstanding contribution and wish them well in their new endeavours”.

In addition to the change in board structure, following a review of Novogen’s fixed cost base, further savings have been identified in the General and Administrative expense budgets. It is expected that these funds will be re-directed to support the development of Novogen’s clinical assets.

Novogen Limited (ASX: NRT) is an emerging oncology-focused biotechnology company, based in Sydney, Australia. Novogen has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best-in-class agents in a range of oncology indication.

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