NEW YORK, March 14 (Reuters) - U.S. stocks finished higherin a...

NEW YORK, March 14 (Reuters) - U.S. stocks finished higher
in a late rally on Monday, driven by biotech stocks after news
that Genentech Inc.'s key cancer drug helped extend the
lives of lung cancer patients.
Genentech surged nearly 25 percent, or $10.92, to $55,
adding almost $11 billion in market capitalization in the last
hour of trading, after the National Cancer Institute said
Avastin helps lung cancer patients live longer when combined
with standard chemotherapy. The American Stock Exchange
Biotechnology index <.


PROGEN has a compound called PI-88 that has fast-drug status and does the same thing for other cancers as AVASTIN.

Last night,Genentech's mkt cap. increased by $11bln - Progen's mkt cap. is only US$90mln.

If Progen do a deal with a major US biotech or Pharma,which i believe they are working on, you will see enormous upside.AND LET"S FACE IT, you would have to assume that all the competitors to Genentech would be looking at the success of AVASTIN and the increase in their share price and wanting to find the next one. PI -88 must be on their list!

Progen is very cheap when you consider any deal would involve an upfront payment and royalties on sales.
Avastin is a $500mln drug/year - 6-8% of that is a nice payment every year.


p.s.the real charty rocks.