Australian pharmaceutical giant Novogen Limited, a leader in the field of phenolic drug research and development, has recorded a 14 percent increase in consumer products revenue to $14.2 million, for the financial year ending 30 June 2001. This was up by $1.7 million as against the revenue of $12.5 million recorded for the previous corresponding period. However the total revenues increased 13 percent to $16.1 million with North America and Europe being the major contributors to the company sales. North America itself accounts for almost 70 percent of the company's consumer products sales revenue.
According to Novogen's managing director, Mr. Chris Naughton, its improved OTC sales was an important driver of the Company's expanding phenolic drug research and development (R&D) program, which in the case of the anti-cancer compound, phenoxodiol, had progressed to human clinical trials in Australia and the U.S.
Novogen is currently developing NV-07a, an anti-inflammatory topical skin compound for which the Company received an Australian government START grant of $2.0 million. Its gross R&D expenditure amounted to $4.2 million for the year to 30 June 2001 an increase of 32 per cent over the previous year. However the company recorded an increased operating loss after tax of $11.6 million for the 2001 financial year but reduced the loss in the second half to $5.0 million, a 23 per cent decrease.
At present, Novogen manufactures and markets OTC dietary isoflavone products including Promensil(TM), for menopausal women, Rimostil(TM) for post-menopausal women and Trinovin(TM), for prostate health. The company is also involved in drug discovery and product development for disorders that are commonly associated with aging and coordinates an international clinical research and development program with external collaborators, hospitals and universities.