SOURCE: Glycotex, Inc.

January 16, 2008 09:00 ET

Glycotex, Inc. Receives $0.5 Million From Second Tranche of Private Share Placement

WASHINGTON, DC--(Marketwire - January 16, 2008) - Glycotex, Inc. announced that it had received approximately $0.5 million from the second tranche of a private share placement. These funds are in addition to the $1.6 million received in the first tranche of the private share placement in February 2007.

The second tranche funds follow the recent announcement by Glycotex that it had obtained an active Investigational New Drug Application from the U.S. Food and Drug Administration ("FDA") for the start of a Phase IIa clinical trial of its lead product candidate, GLYC-101, administered topically for the treatment of burn wounds.

About Glycotex, Inc.

Glycotex, Inc. is a U.S.-based development stage biopharmaceutical company focused on discovering and developing therapies intended to accelerate human wound healing and tissue repair across a wide range of human applications. It has licensed from Novogen Limited certain patent rights and know-how to use and exploit its technology in a wide range of wound healing applications.

Glycotex, Inc. is an 81 percent owned subsidiary of Novogen Limited.

For more information, visit www.glycotexinc.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 of our products to obtain such approval, 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