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AUSTRALIA'S NOVOGEN HALVES INTERIM LOSSES TO US$2.49 MLN.
SYDNEY, March 3 Asia Pulse - Shares in Novogen Ltd (ASX:NRT) rallied early today, after the pharmaceutical group substantially reduced its first-half losses.
Novogen also said an emphasis on improving its balance sheet meant the company was in a better position to exploit the next phase of its product development pipeline.
The company nearly halved its losses in the six months ended December 31 2002, to A$4.12 million (US$2.49 million) from a net loss of A$7.20 million (US$4.36 million) for the prior corresponding period.
Group revenue lifted six per cent to A$14.66 million (US$8.88 million).
Novogen shares jumped as much as six per cent, to be up 14 cents or five per cent at A$3.05 (US$1.85) at 1018 AEDT.
The stock hit a 12-month closing high of A$3.89 (US$2.36) in January 2003.
The first-half result did not include a A$2.3 million (US$1.39 million) ...
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