Novogen Ltd (NASDAQ: NVGN) is pleased to confirm receipt of $4.4m from the Australian Taxation Office under the R&D Tax Incentive Program for the financial year ending 30 June 2016. These funds will be utilised to support the Company’s ongoing clinical programs.

Novogen CEO, Dr James Garner said “the R&D tax rebate is an important, non-dilutive source of funding for Novogen. The $4.4m is in line with our expectations as reported in the Company’s half yearly report, and will be allocated primarily to progressing our clinical trials for Cantrixil and GDC-0084.”

Novogen’s research and development is directed towards developing meaningful new treatments for cancers where there is a high area of unmet need. The Company has a strong pipeline of drug development assets, ranging in stage from pre-clinical assets to later stage programs, Cantrixil and GDC-0084.

See more from Benzinga

• Wall Street's M&A Chatter From March 23: Citrix, Dow-Dupont, TripAdvisor

• Wall Street's M&A Chatter From March 22: GoDaddy, BASF-FMC, AkzoNobel

• Wall Street's M&A Chatter From March 21

© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.