encouraging human trial data for progen`s pi-88

This is a significant announcement from Progen.
The stock added 11c (13.8%) today.
Should see more to come. Spec buy.
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Company Announcement

Encouraging Human Trial Data for Progen`s PI-88

PROGEN INDUSTRIES LIMITED. 2002-11-25 ASX-SIGNAL-G
HOMEX - Brisbane

Progen Industries (ASX: PGL, NASDAQ: PGLAF) - Encouraging interim
clinical trial data on Progen Industries' lead cancer drug, PI-88,
has just been presented at an international cancer conference. Dr
Scott Holden, co-investigator on the trial at University of Colorado
Health Sciences Centre USA, presented data tram the Phase I/II trial
that shows PI-88 is well tolerated and demonstrates encouraging
anti-cancer activity in some patients with advanced cancer.

The conference is organised by the premier European cancer research
society, the European Organisation for Research and Treatment of
Cancer (EOPTC) in association with the American Association for
Cancer Research (AACR) and the American National Cancer Institute
(NCI).

Dr Holden explained: "This is the first time that scientific data
from human trials of PI-88 has been presented publicly. We are
working with patients with very advanced malignancies including
melanoma and renal-cell carcinoma and we have been very impressed by
the effects of PI-88. Not only was there little sign of toxicity, but
progression of advanced cancers in particular patients has also been
retarded for extended periods. Some patients with advanced melanoma
have had stable disease over an 8-16 month period and are continuing
treatment. In one of these patients the size and number of secondary
lung cancers have reduced after commencing treatment.

"We will closely monitor patients' improvement and continue providing
treatment as long as patients continue to positively respond to PI-88
treatment," he said.

Dr Robert Don, VP Research and Development at Progen Industries said:
"This is a very significant milestone for Progen. Our internal
preclinical animal studies showed that PI-88 retards the growth of
tumours by both inhibiting new blood vessel growth (angiogenesis) and
reducing the spread of the disease (metastasis).

"External validation that PI-88 administered subcutaneously is well
tolerated and demonstrates anti-tumour activity is extremely
heartening for the company. However caution should be exercised in
over interpreting the data at this stage."