New Data on Novogen Oncology Pipeline to Be Released

SYDNEY, AUSTRALIA and NEW CANAAN, CT--(Marketwire - October 23, 2007) - New data on the Novogen oncology pipeline compound NV-128 will be presented on October 23 at the annual AACR/EORTC/NCI Molecular Targets and Cancer Therapeutics conference, to be held in San Francisco. The data will be presented by Gil Mor, MD, Associate Professor, Department of Obstetrics and Gynecology, Yale University School of Medicine. An abstract describing the presentation is available at http://www.aacr.org/home/scientists/meetings--workshops/molecular-targets-and-cancer-therapeutics/abstracts.aspx

NV-128 is a derivative of phenoxodiol, an investigational drug licensed by Novogen to Marshall Edwards, Inc. that is now in Phase III clinical development for patients with late-stage ovarian cancer.

Multinational Trial Underway

Phenoxodiol in combination with carboplatin is currently being studied in a multinational Phase III clinical trial called the OVATURE (OVArian TUmor Response) Trial, following positive findings of previous trials conducted in Australia and at Yale-New Haven Hospital. The OVATURE trial is taking place at up to 60 clinical sites in the United States, Europe, and Australia. Preliminary results from the trial are expected within 18 months. For more information on the trial, visit www.OVATUREtrial.com.

About phenoxodiol and NV-128:

Phenoxodiol is being developed as a therapy for late-stage, chemo-resistant prostate, ovarian and cervical cancers. Phenoxodiol is an investigational drug and, as such, is not commercially available. It is a novel-acting drug that inhibits key pro-survival signaling pathways operating via sphingosine-1-phosphate and Akt. Inhibition of these pathways leads to prevention of phosphorylation of key anti-apoptotic proteins such as XIAP. Loss of activity of these proteins restores the ability of chemoresistant tumor cells to undergo apoptosis in response to chemotherapy. The putative molecular target for phenoxodiol is a tumor-specific protein, accounting for the highly selective nature of the drug.

About Marshall Edwards, Inc.:

Marshall Edwards, Inc. (NASDAQ: MSHL) is a specialist oncology company focused on the clinical development of novel anti-cancer therapeutics. These derive from a flavonoid technology platform, which has generated a number of novel compounds characterized by broad ranging activity against a range of cancer cell types with few side effects. The combination of anti-tumor cell activity and low toxicity is believed to be a result of the ability of these compounds to target an enzyme present on the surface of cancer cells, thereby inhibiting the production of pro-survival proteins within the cell. Marshall Edwards, Inc. has licensed rights from Novogen Limited (NASDAQ: NVGN) to bring three oncology drugs -- phenoxodiol, NV-196 and NV-143 -- to market globally.

Marshall Edwards, Inc. is majority owned by Novogen, an Australian biotechnology company that is specializing in the development of therapeutics based on a flavonoid technology platform. Novogen, based in Sydney, Australia, is developing a range of therapeutics across the fields of oncology, cardiovascular disease and inflammatory diseases. More information on phenoxodiol and on the Novogen group of companies can be found at www.marshalledwardsinc.com and www.novogen.com.

Under U.S. law, a new drug cannot be marketed until it has been investigated in clinical trials and approved by the FDA as being safe and effective for the intended use. Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our failure to successfully commercialize our product candidates; costs and delays in the development and/or FDA approval, or the failure to obtain such approval, of our product candidates; uncertainties in clinical trial results; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.

Contact Information: Contacts: David Sheon 202 518-6321 Chris Naughton 011 61 2 9878 0088