Progen has more than doubled since its 50 cent low in May this...

Progen has more than doubled since its 50 cent low in May this year, and given its good move on Nasdaq last night (PGLAF) it might well have much more to come. Since May, Progen has had a series of good announcememnts re its anti cancer compound PI-88, and has also had a successful cap raising from existing shareholders. The Company has indicated that it will be seeking an alliance - likely within the next 6 months, with a large o'seas pharma to take its compound into Stage 3 testing and given that it has developed a portfolio of cancer types that its drug appears to be effective against, any alliance has the potential to be very rewarding. And as there are just 30 million shares on issue (which is really very few) and more than half of these are spoken for with the company principals, there are only a few shares left for the rest of us mortals to access. Thus a good alliance when it occurrs will I suspect see these shares become even more tightly held. As Progen is no daytrader stock one must assume that the current price trend is happening for very good reason. May it continue.

redgumme