progen in better health (smh)

Progen in better health

Investors are eyeing an upcoming conference at which cancer treatment maker Progen will present trial data amid hopes it will secure a deal with a major drug company.

There's quite a bit at stake in its presentation with its share price down as much as 40c in the past 10 days to $3.40.

Progen will present its Phase II trial results of its PI-88 drug at an American Society of Clinical Oncology conference on 16 May.

The company is claiming fast-track status through Phase I and II given the positive results so far in treatment of melanoma, lung and liver cancer patients.

In a market update two weeks ago, Progen said its progress on PI-88 had been "reviewed by over 60 companies" and they had had more than 20 high-level confidential meetings ranging from large "top 10 pharma" to small specialty biotech companies.

The company claimed to have "reached end-stage term discussions but are determined to license this product at the appropriate time with the appropriate value attached".

With Progen sounding confident of a deal, it will have the chance to grab the attention of pharma companies with its new data at the conference.

(from SMH 4.5.2005)
http://smh.com.au/articles/2005/05/03/1115092499600.html