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Marshall Edwards (MSH)

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Thursday 18 December, 2003

Marshall Edwards

MEI Announcement

Marshall Edwards, Inc.
18 December 2003


Marshall Edwards, Inc. Announces Pricing of Initial Public Offering of 2,080,000
of Common Stock Units at $7.50 Per Unit

(Washington, D.C. December 18, 2003)  Marshall Edwards, Inc. (Nasdaq: MSHL)
today announced the pricing of its initial U.S. public offering (IPO) of
2,080,000 common stock units at a price of $7.50 per unit.  Each common stock
unit consists of one share of common stock and one warrant to purchase a share
of common stock at an exercise price of $9.00 per share.  The common stock and
the warrants will trade separately from one another and are expected to begin
trading on the Nasdaq National Market today.  The common stock will be listed
under the symbol 'MSHL' and the warrants will be listed under the symbol 'MSHLW.

Up to 1,500,000 common stock units are being sold through a directed share
subscription program to U.S. holders of Novogen's (Nasdaq: NVGN) ordinary shares
and American Depository Receipts (ADRs) and U.S. holders of Marshall Edwards,
Inc. common stock (other than Novogen), who owned their shares or ADRs as of
October 20, 2003.  580,000 common stock units plus any units not subscribed for
in the directed share subscription program, are being sold to the underwriter
for sale to the public.  The underwriter has been granted by Marshall Edwards,
Inc. the right to purchase up to an additional 312,000 common stock units if it
exercises its over-allotment option in full within the next 30 days.

Marshall Edwards, Inc. intends to use the net proceeds from the offering to
conduct ongoing human clinical trials of phenoxodiol, its anti-cancer drug
candidate, as well as for general corporate purposes.

Janney Montgomery Scott LLC is the underwriter for the underwritten portion of
the offering and is dealer manager for the directed share subscription program.
Copies of the final prospectus relating to this offering may be obtained by
calling Innisfree M&A Inc. at 877-456-3510 or Janney Montgomery Scott LLC at

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.

About Marshall Edwards, Inc.

Marshall Edwards, Inc. is a pharmaceutical company focused on the development
and commercialization of therapies to treat patients with various forms of
cancer. Marshall Edwards, Inc is currently listed on the London Stock Exchange's
Alternative Investment Market under the symbol MSH.

CONTACT: US-Australia: Mr. Christopher Naughton, President and CEO of Marshall
Edwards, Inc., + 61.2.9878 0088

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                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                 

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