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MENAFN - ProactiveInvestors - Australia - 12/11/2012

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(MENAFN - ProactiveInvestors - Australia) Novogen (ASX: NRT) has plans to acquire all of the shares in privately owned, Australian bio-pharmaceutical company Triaxial Pharmaceuticals for A1.88 million.

The two companies have signed a term sheet covering the deal that will be satisfied via a combination of Novogen shares and debt.

The proposed transaction is conditional on completion of Novogen's previously announced capital reduction and remains subject to the execution of legal documentation.

Triaxial, which was established in 2009, was formed to develop a technology platform addressing the problem of certain families of small molecular drugs where there is an inherent inflexibility in their chemical structure.

The company is initially using its technology to create a family of molecules known as super benzopyrans which target a range of key signal transduction pathways that are at the heart of multi-drug resistance in cancer cells.

 






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