Progen Industries Limited New Placement Terms Announced
October 31 2003 - 1:43AM
PR Newswire (US)
Progen Industries Limited New Placement Terms Announced BRISBANE,
Australia, Oct. 31 /PRNewswire-FirstCall/ -- Progen Industries
Limited today announced that the terms of the placement agreement
announced on September 18 have been renegotiated. As a consequence
of the Nasdaq Biotechnology Index falling greater than 10% since
the date of signing of the agreement and today, the terms of the
placement agreement signed with Taylor Collison Limited (Taylor
Collison) on September 18 are no longer valid. Progen and Taylor
Collison entered into a new unconditional agreement where 3.8
million shares were placed at $1.40 per share raising a total $5.3
million. This placement is in accordance with ASX Listing Rule 7.1
subject to shareholders ratification at today's Annual General
Meeting of the Share Purchase Placement in June. The new funds will
be applied to pursue a strategic growth strategy for the company
that intends to build a robust pipeline of drug candidates that
will support the long-term objectives of the company. Stephen
Chang, Progen's Chairman commented "This capital injection will
bring our cash reserves to $15 million and with our current burn
rate this will give us over 24 months of cash reserves. As we look
to the future, we are determined to focus our resources on what we
do best, and what holds the greatest value proposition, and that is
the drug development. The success we have had so far in human
clinical trials, with our lead drug candidate, PI-88, attests to
our ability in the area of oncology drug development, and now it is
time for us to develop a larger portfolio of future drugs to follow
on after PI-88." Progen's clinical trial program is showing great
promise. The first PI-88 Phase II trial, which was in Multiple
Myeloma, has been concluded with PI-88 meeting the trial efficacy
endpoints. PI-88 is also yielding encouraging data as a
single-agent in a Phase I solid tumor trial, where one third of
cancer patients treated to date have experienced stable disease
over periods up to 27 months. These data are forming an important
part of the licensing package of PI-88. The out-licensing push for
PI-88 is now gaining momentum and ongoing discovery and
in-licensing activities will be supported by capital from the
current raising. Contact: Sarah Meibusch Progen Industries Limited
T: +61-7-3273-9100 E: DATASOURCE: Progen Industries Limited
CONTACT: Sarah Meibusch of Progen Industries Limited,
+61-7-3273-9100,
Copyright
Progen (NASDAQ:PGLAF)
Historical Stock Chart
From May 2024 to Jun 2024
Progen (NASDAQ:PGLAF)
Historical Stock Chart
From Jun 2023 to Jun 2024