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Novogen renegotiates timing of Marshall Edwards' license payment for phenoxodiol
New York, June 7 - Novogen Ltd. said it has renegotiated the timing of an $8 million milestone license payment for phenoxodiol payable to Novogen in December by Marshall Edwards, Inc.
The amendment postpones the payment until phenoxodiol receives first approval for marketing the product in the United States or any other country.
The marketing approval may be by the receipt of a New Drug Application under accelerated approval or otherwise.
Marshall Edwards said the postponement is to enable Marshall Edwards to focus its cash resources on completing the phase 3 clinical trial for which it recently received approval of its Special Protocol Assessment from the Food and Drug Administration.
Marshall Edwards is a Stamford, Conn., clinical oncology company majority owned by Novogen. Novogen is based in Sydney, Australia.
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