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Novogen Reports

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    Novogen cash reserves up, loss reduced and R&D programs on schedule
    Tuesday, 3 September 2002

    Pharmaceutical company Novogen Limited (ASX:NRT, NASDAQ:NVGN), and its entities, have ended the 2002 financial year with record cash reserves.

    This follows continuation of a disciplined cost control momentum from the first half and funds raised in advance of the UK listing of a subsidiary company.

    At 30 June 2002, the Novogen Group had A$40 million in cash reserves compared with A$31 million for the previous corresponding period.

    This was coupled with a 33 per cent reduction of the net loss for the 12 months to A$14.6 million, down from A$21.7 million for the year ended 30 June 2001.

    Directors said the cash boost to the Group was achieved through a stringent cost control program and the successful listing and financing in May 2002, of US incorporated subsidiary Marshall Edwards, Inc., on the London Stock Exchange’s Alternative Investment Market (LSE-AIM: MSH).

    The UK listing realised $US10 million (A$18.7 million), from European and US private investors and institutions.

    Novogen’s strategy is to focus on research and development expenses in its drug programs, where it has maintained investment, while reducing marketing expenses of its consumer products business worldwide.

    Reduced marketing expenditure and a more difficult economic climate during 2001-2002, particularly in the US, reduced revenues to A$24.3 million from A$30.2million for the financial year.

    Revenues, which are predominately from the consumer products sold by Novogen internationally, included a A$1.6m royalty milestone payment received from US company DuPont-PTI.

    Net assets are $A54.0 million for the year ended 30 June 2002, compared with $51.9 million for the previous corresponding period.

    Novogen’s Managing Director, Mr Christopher Naughton, said the Group had accomplished its objectives for 2002, of advancing three drug programs into human clinical trials while preserving cash and reducing operating loss.

    “The overall loss reduction strategy combined with the increased level of retained cash has ensured a sound financial platform for our ongoing drug programs,” Mr Naughton said.

    “Focused research and development and initial success in the clinical trial programs in the anti-cancer, cardiovascular and dermatological therapy areas, have expanded Novogen’s intellectual property portfolio, strategically positioning the Company for future commercialisation of the drug programs,“ Mr Naughton added.

    Marshall Edwards, Inc., has the rights to develop and commercialise the anti-cancer drug phenoxodiol and the option rights to commercialise other anti-cancer drugs from Novogen when those drugs enter human trials.

    Novogen owns 95.2 per cent of Marshall Edwards, Inc.

    Novogen also manufactures and markets OTC dietary isoflavone products including Promensilä, for menopausal women, Rimostilä for post-menopausal women and Trinovinä, for prostate health.

    Novogen is involved in drug discovery and product development for disorders that are commonly associated with aging and coordinates an international clinical research and development program with external collaborators, hospitals and universities.
 
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