Bonus Issue of Options - Record Date November 28 2003
November 18 2003 - 10:20PM
PR Newswire (US)
Bonus Issue of Options - Record Date November 28 2003 BRISBANE,
Nov. 18 /PRNewswire-FirstCall/ -- Progen Industries Limited today
announced that following the lodgement of the Bonus Options Issue
form 3B and Prospectus, the record date for the Bonus Options Issue
will be November 28, 2003. Shareholders on this date will be
eligible to participate in the Bonus Options Issue at no cost. The
issue will be prescribed on the basis of one option for every eight
shares held on the record date. The prospectus outlines all the
terms and conditions of the issue and will be mailed to all
eligible shareholders on December 5 2003. Progen's Chairman Stephen
Chang said, "The primary purpose of the bonus issue is to support
Progen's growth strategy. We intend to create greater value for the
company by augmenting our drug development pipeline by way of
in-licensing and drug discovery, which will allow us to build an
expanded drug development program. The clinical data emerging from
PI-88 trials is encouraging and we remain confident that the PI-88
package represents a strong licensing opportunity." This week
additional patient safety and early efficacy data from two PI-88
Phase I clinical trials was presented at the AACR-EORTC-NCI*
conference entitled "Molecular Targets and Cancer Therapeutics" in
Boston, USA. Dr Rob Don, Progen's VP for Research and Development
commented. "This international conference focuses on early clinical
trials of novel compounds and updated data from our two US PI-88
trials were presented here. In the Phase I single agent solid tumor
trial, one third of patients treated have shown disease
stabilization for 3 months up to 27 months. In the Phase I
combination trial where PI-88 is being co-administered with
Taxotere(R)(docetaxel), the combination has been well tolerated. We
are now looking forward to the completion of these Phase I trials
in the near future and moving into three Phase II trials." *
American Association for Cancer Research (AACR), the European
Organization for the Treatment of Cancer (EORTC), and the U.S.
National Cancer Institute (NCI). DATASOURCE: Progen Industries
Limited CONTACT: Sarah Meibusch of Progen Industries Limited,
+61-7-3273-9100, or Web site: http://www.progen.com.au/
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