The license covering Novogen patent rights to soy isoflavones, which was with the DuPont joint venture company Solae LLC, has now been transferred to Archer Daniels Midland company (ADM).
ADM has assumed the rights and obligations formerly held by Solae, including royalty and milestone payments under the Novogen license.
ADM is a processors of soybeans and has over 26,000 employees, more than 250 processing plants and net sales for the fiscal year ended June 30, 2004, of over $36 billion.
The transfer of the Novogen patent license includes certain other business of Solae to ADM. The Novogen license to ADM is worldwide, other than for Australia and New Zealand.
Novogen CEO Christopher Naughton said the transfer of the license coincided with the settlement of litigation initiated by Solae against ADM and was facilitated by Novogen's consent to the transfer.
Phenoxodiol has received fast track designation for recurrent ovarian cancer as well as for hormone refractory prostate cancer from the Food and Drug Administration in the United States.