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Investor revolt at Progen
Article from: Herald Sun

Liam Walsh

November 11, 2008 12:00am

CANCER researcher Progen is facing a shareholder push against the majority of the board with only one director escaping the backlash.

The agitators are claiming disappointment with Progen's share price and handling of work involving its former flagship cancer compound.

The move meshes older shareholders, a former board member and a former principal of a boutique biotechnology investment group whose research arm was extremely bullish about Progen's future.

Progen, which declined to comment yesterday, listed in 1995 and has raised $189 million.

Its share price has jumped and slumped (hitting $14.31 in 1997, $9.60 in 2007 and 60.5 yesterday) amid hype and positive results for potential cancer-fighting agent PI-88 - a carbohydrate agent containing sugars derived from a yeast.

Several reassuring statements were given this year about progress for a liver-cancer target. But Progen in July suddenly axed PI-88 trials, citing factors including poor recruiting progress and the potential onset of a rival drug trial.

A notice yesterday showed an investor group was seeking removal of board members including managing director and industry veteran Justus Homburg.

The only exception was John Lee, a non-executive who joined in March this year.

"We believe that John's a good director," said Bob Moses, among those seeking a place on the board.

He would not specify the relationship with Mr Lee.

Mr Moses, known in Victorian biotechnology circles, said the group represented some shareholders, both local and Taiwanese-based, who had partaken in the float.

He estimated their support exceeded 20 per cent of Progen's shareholder base but declined to detail how a new board would change Progen.

http://www.news.com.au/heraldsun/story/0,21985,24632331-664,00.html