Marshall Edwards Inc., of San Diego, said it is raising about $2 million through a private placement of about 1.94 million shares in an agreement with majority shareholder and parent company Novogen Ltd. Proceeds will be used to continue development of Marshall Edwards' lead oncology candidates, including the submission of an investigational new drug application for ME-344 in the first quarter of 2012 and the completion of a Phase I trial of intravenous ME-143 in patients with solid refractory tumors in the second quarter.
