PGL 0.26% $3.91 prospa group limited.

progen achieves objectives

  1. 635 Posts.
    Progen Achieves Objectives of Share Purchase Plan

    Brisbane, Australia Monday June 30th 2003, Progen Industries Ltd (ASX: PGL, Nasdaq: PGLAF) announced today the successful completion of a shareholders' share purchase plan and private placement raising AUD$3.5M, which is in excess of original expectations.

    The company believes that raising this level of investment in the current climate is an excellent result. "We are delighted at the outcome because any substantial financing activity is especially significant given the current state of the capital markets. Our objective for this funding round has been achieved. Furthermore, it is a signal by the market that Progen's roadmap for achieving our aggressive milestones in the next 12 months is appreciated and realistic." said Stephen Chang, Progen's Chairman. The company's Managing Director Lewis Lee added. "Our ability to raise funds in today's environment is a strong validation of our core competency in drug development, execution plan and prospects for future growth through commercialisation of our significant R&D investments."

    The funds raised will be applied to aggressively advance the development and commercialisation of PI-88, the company's lead drug candidate. PI-88 is currently undergoing an international Phase I/II clinical trial program in the US, Australia and Taiwan. In the US Phase I clinical trial PI-88 is showing sustained disease stabilization in several patients with advanced cancers in whom there are few effective treatment options (reported in May 7th press release). Supporting the use of anti-angiogenic drugs such as PI-88 to interfere with the growth of cancer cells, were the promising results obtained with Avastin(r) (an inhibitor of vascular endothelial growth factor) in colorectal cancer that were recently presented by Genentech at the American Society of Clinical Oncology conference in Chicago. In contrast, PI-88 is an inhibitor of another important angiogenic factor, basic fibroblast growth factor (as well as heparanase, a modulator of metastasis). These results and several other promising new cancer therapies have helped increase awareness of the field of angiogenesis, and to PI-88 as a new potential cancer drug.

    The Company remains committed to a strategy of developing R&D competencies and clinical candidates to the stage where in house projects can be either partnered or licensed. The clinical data package for PI-88 is gaining sufficient momentum to attract a licensing deal with either a pharmaceutical or biotechnology company and this opportunity will be aggressively pursued in the immediate future.
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    Keywords - Progen, cancer, PI-88, phase I, phase II, clinical trials, melanoma, solid tumours.

    About Progen:
    Progen Industries Limited www.progen.com.au is an Australian biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals for the treatment of various diseases. Progen's three key areas of expertise are:

    * Clinical Development via a comprehensive international clinical trials programme involving its lead compound PI-88 and clinical development of PI-166 for end stage liver cancer.

    * Drug discovery projects focusing on the development of potent, selective inhibitors of carbohydrate-protein interactions, which are implicated in many disease processes.

    * Commercial Services including the manufacture of biopharmaceutical products to world-class standards and distribution of high technology consumable products for large multinational and biotechnology clients.


 
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