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5 February 2007
Progen SPP exceeds expectations with $5.4 million raised
Brisbane, Australia, 5 February 2007. Progen Industries
Limited (ASX: PGL, NASDAQ: PGLA) today announced it had received a strong
response from shareholders to its Share Purchase Plan (SPP), which closed
in excess of expectations.
The SPP raised $5.4 million,
which is in addition to the $20.0 million raised from the Company’s
recent institutional placement. These funds will be used to fund time
critical expenditures associated with the planned Phase III trial of Progen’s
lead compound PI-88 in post-resection liver cancer, due to start in mid-2007.
The offer of up to 923 shares at $5.42 per share was made to all registered
shareholders in Australia and New Zealand on 18 December 2006 and was
taken up by more than 40% of eligible shareholders.
The allotment of 989,156 shares issued under the SPP will be made today.
Mr Justus Homburg, Chief Executive Officer of Progen said: “This
has been an excellent response to the SPP and demonstrates a high level
of support for Progen. This capital will ensure that the Phase III trial
preparation can continue aggressively while the final Phase II data analysis
is completed and the protocol finalised. We are also pleased to note that
all Progen directors who met the SPP participation criteria took part.”
About Progen: Progen Industries Limited is an Australian
based globally focused biotechnology company committed to the discovery,
development and commercialisation of small molecule pharmaceuticals for
the treatment of cancer and other serious diseases.
Progen's three key areas of focus are:
- Clinical Development - via a focused clinical
trial programme involving its two compounds PI-88 and PI-166.
- Drug Discovery - projects focusing on the development
of potent, selective inhibitors of carbohydrate-protein interactions,
which are implicated in many disease processes.
- Manufacturing Services - PI-88 manufacturing development
and supply for the clinical program and contract manufacturing services.
Keywords -
Progen, PI-88, liver cancer, underwritten private placement, share purchase
plan
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