Novogen Receives R&D Tax Incentive Cash Refund

Novogen Limited

today announced that it has received a cash refund of $2.8M from the Australian Taxation Office under the R&D Tax Incentive Program for the financial year ending 30 June 2015. This will support the Company's preparations to progress Cantrixil (TRXE-002-1), its lead superbenzopyran (SBP) drug candidate, to Phase 1 clinical trial in 2016. According to Novogen CEO, Dr James Garner, it was expected that the Company would continue to comply with the internationally competitive Australian Government tax incentive scheme and receive commensurate cash benefits in future years, enabling Novogen to continue to reinvest in early stage drug initiatives and product development opportunities. "These funds reinforce the Company's strong financial position as we move towards commencing a Phase 1 clinical trial for Cantrixil in the second half of 2016," Dr Garner said. "We have completed the necessary GLP toxicology program on Cantrixil to enable a first-in-human study. The final results of that program have been accepted for presentation at the Annual Meeting of the American Association for Cancer Research (AACR) in April 2016. The accepted abstract will be available to view on the Novogen and AACR websites on 15 April 2016. We have also completed large-scale GMP manufacture of the API and the production of sterile drug product for clinical studies is well advanced. The Company continues to expect that these data provide a sound basis to move forward into the clinic. We are currently working with experienced clinicians and expert consultants to finalise the study design," he added.