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Shareholders Seek to Spill Progen Board This Week, Review Says

By Madelene Pearson

Jan. 5 (Bloomberg) -- A group of Progen Pharmaceuticals Ltd. shareholders will continue with a planned meeting designed to spill almost the entire board of the company, the Australian Financial Review said.

It comes less than two weeks after the biotechnology company announced a friendly merger with Avexa Ltd., the newspaper said. The proposed deal was flawed and likely to disadvantaged shareholders, the newspaper reported, citing Bob Moses, who is leading the shareholder group.

To contact the reporter on this story: Madelene Pearson in Melbourne on [email protected]