6-K: Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington. D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR I5d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2004
Novogen Limited
(Translation of registrant's name into English)
140 Wicks Road, North Ryde, NSW, 2113, Australia
(Address of principal executive office)
[Indicate by check mark whether the registrant files or will file
annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F v Form 40-F
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934. Yes No
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2 (b):
82- ________________ .1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Novogen Limited
(Registrant)
Date 9 January, 2004 By Ronald Lea Erratt Company Secretary

NOVOGEN BUILDS CASH RESERVES, PERFORMANCE STEADY, HALF YEAR SALES DOWN

Half year results for pharmaceutical company, Novogen Limited
(ASX: NRT, NASDAQ: NVGN), show it has lifted cash reserves in
preparation for expanding the clinical trialling of its
drug development programs.

Cash reserves at 31 December 2003, stood at $62.9 million,
compared with $31 million at 30 June 2003.

Novogens cash position was enhanced during December 2003,
when its majority owned subsidiary, Marshall Edwards Inc.,
completed an initial public offering in the US of 2,392,000
common stock units at US$7.50 per share, resulting in net
proceeds of US$15.509 million (A$20.887 million).

These stock units, comprised one share in Marshall Edwards, Inc.,
and one warrant to purchase a share at an exercise price of US$9.00.
The shares and the warrants began trading on the US NASDAQ national
market in December 2003 under the stock symbols MSHL and MSHLW.

Net loss attributable to members of Novogen for the half year
was up $42,000 to $4.16 million, compared with $4.12 million
for the same period last year.

Revenue included milestone royalty payments of approximately
A$1 million under Novogens soy patent licence agreement with
Solae LLC, a joint venture between DuPont and Bunge.

Total revenue for the half year was $9.2 million
($14.1 million for the same period last year)
which was affected by a number of factors including:

- - deferral of some royalty payments in line with licence agreements;
- - the increasing value of the Australian dollar against other major
currencies, particularly the US dollar;
- - lower sales of over-the-counter products
due to continuing general uncertainty about menopausal
support products following health concerns surrounding
hormone replacement therapy (HRT) and natural menopause
products; and
- - confusion in the Australian market during 2003,
caused by the mass recall of many products produced
by a company, unrelated to Novogen, which was under
investigation for unsatisfactory quality standards.

Offsetting lower sales was a reduced level of expenses of $14.2
million ($18.3 million previously).

Reduced expenses were due to improved product margins with
cost efficiencies in the manufacturing process and other
savings in marketing, selling and administration.

Novogens Managing Director, Mr Christopher Naughton,
said the Companys focus remained on the fundamentals
of drug development and ensuring the business was well
resourced.

Our objective continues to be to resist the need to seek
outside partnerships for drug development and pharmaceutical
licensing until the most opportune time, Mr Naughton said.

Our present cash reserve position reflects our determination
to maximise shareholder value in this way over the medium term,
Mr Naughton added.

Among developments during the half year were the granting of
three patents in the US over intellectual property developed
by Novogen and these were for:

- - the use of isoflavone technology for the treatment of
oestrogen-dependent disorders such as fibroids and
endometriosis in women;
- - the use of Novogens anti-cancer drug, phenoxodiol,
for the treatment of any cancerous disease; and
- - health supplements based on the use of soy isoflavones
in tablet or capsule form which is licensed worldwide to
Solae LLC, with the exception of Australasia.

Novogens anti-cancer drug phenoxodiol is currently in
Phase II human clinical trials in the US and Australia.
The rights to commercialise the drug are licensed to the
Companys majority owned subsidiary, Marshall Edwards, Inc.,
which is listed on both the NASDAQ national market and the
London Stock Exchanges Alternate Investment Market.

Novogen is focused on research and development of drugs
derived from its phenolic technology platform. The Company
manages its international research and development programs
utilising the expertise and clinical research capabilities
of universities and hospitals in the US, Australia and other
key international locations.


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