This is a significant announcement from Progen. The stock added 11c (13.8%) today. Should see more to come. Spec buy. ========================================== Company Announcement
Progen Industries (ASX: PGL, NASDAQ: PGLAF) - Encouraging interim clinical trial data on Progen Industries' lead cancer drug, PI-88, has just been presented at an international cancer conference. Dr Scott Holden, co-investigator on the trial at University of Colorado Health Sciences Centre USA, presented data tram the Phase I/II trial that shows PI-88 is well tolerated and demonstrates encouraging anti-cancer activity in some patients with advanced cancer.
The conference is organised by the premier European cancer research society, the European Organisation for Research and Treatment of Cancer (EOPTC) in association with the American Association for Cancer Research (AACR) and the American National Cancer Institute (NCI).
Dr Holden explained: "This is the first time that scientific data from human trials of PI-88 has been presented publicly. We are working with patients with very advanced malignancies including melanoma and renal-cell carcinoma and we have been very impressed by the effects of PI-88. Not only was there little sign of toxicity, but progression of advanced cancers in particular patients has also been retarded for extended periods. Some patients with advanced melanoma have had stable disease over an 8-16 month period and are continuing treatment. In one of these patients the size and number of secondary lung cancers have reduced after commencing treatment.
"We will closely monitor patients' improvement and continue providing treatment as long as patients continue to positively respond to PI-88 treatment," he said.
Dr Robert Don, VP Research and Development at Progen Industries said: "This is a very significant milestone for Progen. Our internal preclinical animal studies showed that PI-88 retards the growth of tumours by both inhibiting new blood vessel growth (angiogenesis) and reducing the spread of the disease (metastasis).
"External validation that PI-88 administered subcutaneously is well tolerated and demonstrates anti-tumour activity is extremely heartening for the company. However caution should be exercised in over interpreting the data at this stage."
PGL Price at posting:
0.0¢ Sentiment: None Disclosure: Held