EXHIBIT 99.3


                             MARSHALL EDWARDS, INC.



                               NOVEMBER 26, 2003

Dear Broker:


     We are undertaking an initial public offering of common stock units and
conducting a Directed Share Subscription Program as part of the offering. Under
this program, each U.S. holder of our common stock, each U.S. holder of ordinary
shares of our parent, Novogen Limited, and each U.S. holder of Novogen ADRs, in
each case, who beneficially owned these securities as of the close of business
on October 20, 2003, will be eligible to subscribe for a minimum of one round
lot. There is no maximum number of units that any one eligible holder may
subscribe for under the Directed Share Subscription Program, but the units must
be purchased in round lot increments. While eligible holders are not guaranteed
to receive the full amount of units that they subscribed for, each will receive
at least one round lot. The price per unit under this program will be the same
price that all investors will pay in our initial public offering.


     The opportunity to participate in this program may not be transferred.
There will be no trading market for this subscription opportunity.


     IN ORDER FOR YOUR CUSTOMERS TO PURCHASE UNITS UNDER THE PROGRAM, YOU WILL
HAVE TO ACT PROMPTLY AND FORWARD THE FOLLOWING MATERIALS: (I) LETTER TO ELIGIBLE
SECURITY HOLDERS FROM MARSHALL EDWARDS, INC.; (II) EXPRESSION OF INTEREST FORM;
(III) SUBSCRIPTION FORM; (IV) NEW CLIENT ACCOUNT FORM; AND (V) IRS FORM W-9.



     Subscription forms and payments cannot be accepted until after we have
determined our initial public offering price. Once the initial public offering
price has been determined, we will take the actions outlined in the accompanying
letter to publicize the subscription price and the date by which eligible
holders must respond to the offer. The Depository Trust Company has advised us
that they will notify their participants electronically of the initial public
offering price and the expiration date for this program. Innisfree M&A
Incorporated, the Information Agent, will provide you with final prospectuses
for distribution to the eligible holders who received a preliminary prospectus.
Banks and brokers who require additional copies of any documents may call
Innisfree collect at 212-750-5833.



     All subscription forms and payments must be received by Janney Montgomery
Scott LLC, our dealer manager for the Directed Share Subscription Program and
underwriter of our initial public offering, by 3:00 p.m. New York City time on
the third business day after we have determined the initial public offering
price.


     A Registration Statement relating to the common stock units has been filed
with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to the
time the Registration Statement becomes effective. This notice shall not
constitute an offer to sell or the solicitation of any 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 registration or qualification
under the securities laws of any such state.


     If you have any questions regarding the Directed Share Subscription
Program, please call Innisfree M&A Incorporated, the Information Agent, collect
at 212-750-5833 (beneficial owners may call toll free at 877-456-3510). Please
do not call Marshall Edwards directly.


                                          Sincerely,

                                          /s/ CHRISTOPHER NAUGHTON

                                          Christopher Naughton


                                          President and Chief Executive Officer