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Novogen completes strategic review, sees A$1.8M in annualized savings

Novogen Ltd completed a review of its business operations, identifying A$1.8 million in annualized savings in operating expenses.

Measures implemented include a reduction in consultant expenditure, optimization of its intellectual property portfolio, management of occupancy expenses, and a "modest" reduction in headcount, the company said in a news release. The changes will allow Novogen to allocate more resources to advance the clinical trials of GDC-0084 and Cantrixil.

The company also reduced annual cost of the board by about 50%, after directors offered to reduce their fees and following an earlier move to reduce the board size.

Further, Novogen said it received a letter from Nasdaq informing the company that it regained compliance with the exchange's listing requirement of at least US$1 per share. In July, the company changed the ratio at which its American depositary receipts, or ADRs, consolidate underlying Australian shares to 100:1 from 25:1. The move increased the number of Australian Stock Exchange shares that were consolidated into each ADR fourfold, with a corresponding increase in the price of the ADRs on Nasdaq.

The company received a noncompliance notice from Nasdaq in May.

Novogen said it initiated the review following the appointment of Iain Ross as chairman in June.

As of Aug. 11, US$1 was equivalent to A$1.27.