On 27 Feb. 04 Progen's chairman made an announcement in relation...

On 27 Feb. 04 Progen's chairman made an announcement in relation to PI-88 and the FDA approved drug Avastin from Genentech.
Old news but relevant in view of the sales numbers announced today:
Genentech Profits Surge on Brisk Sales
Wed 6:34pm - Associated Press

Read the comments in the story about Avastin.
Look at the monthly drug cost per patient!
Think about Progen's PI-88 potential.
No wonder there is such high interest and demand for Progen's stock on NASDAQ.
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Associated Press
Genentech Profits Surge on Brisk Sales
Wednesday April 7, 6:34 pm ET
By Paul Elias, AP Biotechnology Writer
Genentech's First-Quarter Profits Surge on Brisk Sales of Newest Cancer Drug Avastin

SAN FRANCISCO (AP) -- Biotechnology company Genentech Inc.'s yearlong hot streak continued Wednesday when it reported robust profits for the first quarter while its newest cancer drug Avastin rang up better-than-expected sales since its launch earlier this year.

The results, released after the stock market closed Wednesday, beat analysts' expectations.

For the quarter ended March 31, the South San Francisco, Calif.-based company earned $176.6 million, or 33 cents a share, a 17 percent increase over the previous year's first-quarter earnings of $151.5 million, or 24 cents a share.

Excluding special expenses, Genentech said it would have posted a profit of $207.6 million, or 38 cents a share. On that basis, the results exceeded the per-share estimate among Wall Street analysts by 7 cents, according to research firm Thomson First Call.

Revenue was $975.1 million in the quarter, an increase of 30 percent from a year earlier.

The company's stock has tripled in value in the last year, boosted by surprisingly strong data released in May that showed Avastin helped the sickest colon cancer patients.

Avastin is designed to choke the blood supply that feeds tumors and is the first drug of its kind to be approved by the FDA. When used with chemotherapy, it extends the life of the sickest patients by an average of about five months.

Genentech began shipping Avastin to doctors hours after the Food and Drug Administration approved it Feb. 26. Since then, it has achieved sales of $38.1 million, exceeding most analysts' expectations.

"We are particularly proud of launching Avastin within hours of FDA approval on a Thursday so that physicians were able to use Avastin to treat patients for colorectal cancer the following Monday," said Myrtle Potter, president of the company's commercial operations.

Analysts expect the drug, which costs each patient about $4,400 per month, to surpass $1 billion in annual sales in the next few years. The company also is investigating Avastin's possibilities to treat other forms of cancer, including breast, lung and kidney.

Genentech: http://www.gene.com
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THE PGL ANNOUNCEMENT from 27 Feb. 2004:
Today also marks an important milestone in Progen's field of research. Genentech, Inc. announced today that the U.S. Food and Drug Administration (FDA) has approved Avastin(TM) (bevacizumab), a Vascular Endothelial Growth Factor (VEGF) inhibitor, to be used in combination with chemotherapy as a treatment for patients with metastatic cancer of the colon or rectum. Stephen Chang, Progen's Chairman commented, "This is outstanding progress for the anti-angiogenesis research area and helps build our confidence in our Phase II compound, PI-88. PI-88 is small-molecule-based and rather than relying on a single mode of action to induce an anticancer response, it inhibits blood vessel growth, or angiogenesis via multiple growth factors including Fibroblast Growth Factors (FGFs) and VEGF, as well as inhibiting other angiogenic agents, including heparanase."

Bolstered by this positive announcement in the angiogenesis research area, the main focus for the company in the calendar year 2004 will be to continue to develop a robust clinical dataset for the lead anti-cancer compound PI-88 and continue the ongoing partnering initiative. Stephen Chang, commented, "In the past six months PI-88 has certainly moved forward its clinical development. Signs of efficacy and a good safety profile have emerged from the clinical program with some patients continuing to receive PI-88 for periods lasting up to 30 months. Two new Phase II trials have commenced just recently for patients with advanced melanoma and non-small cell lung cancer, respectively, and our centers are actively recruiting patients across Australia and the US. We are very excited by the next 12 months and beyond."
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Disclaimer: Holding PGL & PGLAF