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    HOMEX - Sydney

    Novogen Limited's subsidiary, Marshall Edwards Inc (LSE-AIM: MSH),
    has just made the following announcement to the London Stock
    Exchange's Alternative Investment Market.

    (WASHINGTON, DC June 17, 2003) Marshall Edwards Inc, subsidiary of
    Novogen Limited (NASDAQ: NVGN) announced today that an
    Investigational New Drug application (IND) has been cleared by the US
    Food and Drug Administration (FDA) for the start of a phase II
    clinical trial of phenoxodiol, administered orally, to women with
    squamous cell carcinoma (SCC) of the cervix, vagina and vulva.

    Marshall Edwards Inc is commissioning researchers from the Yale
    University School of Medicine to commence a human trial for the
    treatment of these cancers using phenoxodiol in oral dose form.

    Cancers of the cervix, vagina and vulva are mostly of the type known
    as squamous cell carcinoma (SCC) and are recognised for their poor
    response to standard chemotherapy. Surgery remains the treatment of
    choice for these cancers in women, and treatment in advanced cases is
    associated with low survival rates. The need for an effective and
    well-tolerated chemotherapy is urgent.

    SCC is a common type of cancer found in the skin and mucous membranes
    of the body. In addition to its involvement in skin cancer, it also
    is the most common cancer of the mouth, tongue, throat, and the
    reproductive organs. The potential for phenoxodiol in the treatment
    of SCC arose from an observation that patients being treated with
    phenoxodiol for other forms of cancer, who coincidentally had SCC of
    the skin, had experienced significant tumour regression. This
    prompted the establishment of a phase II study for the treatment of
    cutaneous SCC (in progress at a major teaching hospital in Sydney)
    and suggested the possibility that other forms of SCC might be
    suitable targets for phenoxodiol.

    Phenoxodiol is an anti-cancer drug that belongs to a new generation
    of drugs known as signal transduction inhibitors. These drugs work by
    inducing programmed cell death in cancer cells (apoptosis), with
    little or no effect on normal cells.

    Under an earlier IND approval obtained in 2001 from the FDA, the
    researchers at Yale, who are to conduct the oral phenoxodiol human
    trial, are already conducting a phase II study of phenoxodiol in
    intravenous dose form for the treatment of advanced stage ovarian
    cancer and have reported promising results with no drug-related side

    Executive Chairman of Marshall Edwards Inc, Dr Graham Kelly said "The
    Yale University experience with the use of phenoxodiol in
    reproductive cancers in women makes it well placed to pursue
    phenoxodiol in treatment of SCC. The Yale team had previously
    identified that phenoxodiol represents a breakthrough in anti-cancer
    therapeutics by targeting death receptors in cancer cells, with no
    effect on these receptors in normal cells."

    "Inactivation of these receptors has been identified as a major
    reason why ovarian cancers can survive and resist chemotherapy.
    Phenoxodiol works by reactivating these receptors, thereby allowing
    the body's immune system to kill the cancer cells". Dr Kelly said.

    "It is interesting that inactivation of the death receptor mechanism
    has been identified as a major reason for the resistance of SCC to
    chemotherapy This could account for the apparent high sensitivity of
    this tumour type to phenoxodiol." Dr Kelly added.

    The Yale team had previously reported that phenoxodiol produces
    dramatic reductions in the size of human ovarian cancer tumours in

    Clinical studies at Yale have further demonstrated that disease
    stabilisation had been realised in ovarian cancer patients.

    "In the Yale laboratories, we could not find another compound as
    promising as phenoxodiol for ovarian cancer," said Professor Thomas
    Rutherford MD of the Department of Obstetrics and Gynecology at Yale
    University School of Medicine. "In some of the women in the ovarian
    cancer trial, disease stabilisation has been realised. We look
    forward to seeing how the compound will work in SCC patients."

    In other studies, phenoxodiol currently is being evaluated in Phase
    II trials in patients with prostate cancer, ovarian cancer, and
    cutaneous squamous cell carcinoma.

    Under US law, a new drug cannot be marketed until it has been
    investigated in clinical trials. After the results of these trials
    are submitted in a new drug application to the FDA, the FDA must
    approve the drug as safe and effective before marketing can take

    The oncology compound phenoxodiol is being developed by Marshall
    Edwards Inc (LSE-AIM: MSH), the listed subsidiary of Novogen
    Limited. Novogen is a world leader in the research and development of
    drugs derived from its phenolic technology platform. The Company
    manages its international research and development programs utilising
    the expertise and clinical research capabilities of universities and
    hospitals in the US, Australia and other key international locations.

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