Shares of Marshall Edwards (NASDAQ:

) are screaming higher this morning on word that its Investigational New Drug application for ME-143, the Company's lead NADH oxidase inhibitor, has been approved by the FDA. Currently, shares are higher by 52.90%, trading at $2.11. Shares of Novogen Limited (NASDAQ:

), which owns over 70% of MSHL are higher by 26.67%, trading at $1.04. The company now plans to initiate a Phase I clinical trial of intravenous ME-143 by September. Marshall Edwards, Inc. is a development-stage company. The company is a wholly owned subsidiary of Novogen Limited. As of June 30, 2010, Novogen owns approximately 71.3% interest in the company.