AsianScientist (Jul. 30, 2012) – Australian biotech Novogen Limited announced on Friday that it has entered into a merger agreement with Kai Medical. Novogen will be renamed to Kai Medical Holdings Limited when the merger becomes effective.
Based in Delaware, US, Kai Medical’s business is focused on sleep apnea therapy devices and wireless respiration monitoring technology.
“We are very pleased to be able to enter into a relationship with Kai Medical that provides Novogen shareholders with an opportunity to participate in the growth and success of Kai Medical’s revolutionary sleep apnoea therapy device,” said William D Rueckert, Chairman of the Board for Novogen.
In addition to the merger agreement with Kai, Novogen is expected to undertake a capital reduction and in specie distribution to the Novogen shareholders of the shares of MEI Pharma, Inc., (formerly known as Marshall Edwards, Inc.) that it owns.
The glucan technology assets which Novogen currently holds will not be acquired by Kai Medical in the merger and Novogen plans to complete the sale of those assets to TR Therapeutics, Inc., a privately held U.S. corporation, in the next few days.
Novogen expects to provide shareholders with full details of the merger proposal and in specie distribution within the next three weeks. The shareholders meeting is expected to be held in mid September.
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Source: Novogen Limited.
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