Progen in better healthInvestors are eyeing an upcoming...

Progen in better health

Investors are eyeing an upcoming conference at which cancer treatment maker Progen will present trial data amid hopes it will secure a deal with a major drug company.

There's quite a bit at stake in its presentation with its share price down as much as 40c in the past 10 days to $3.40.

Progen will present its Phase II trial results of its PI-88 drug at an American Society of Clinical Oncology conference on 16 May.

The company is claiming fast-track status through Phase I and II given the positive results so far in treatment of melanoma, lung and liver cancer patients.

In a market update two weeks ago, Progen said its progress on PI-88 had been "reviewed by over 60 companies" and they had had more than 20 high-level confidential meetings ranging from large "top 10 pharma" to small specialty biotech companies.

The company claimed to have "reached end-stage term discussions but are determined to license this product at the appropriate time with the appropriate value attached".

With Progen sounding confident of a deal, it will have the chance to grab the attention of pharma companies with its new data at the conference.

(from SMH 4.5.2005)
http://smh.com.au/articles/2005/05/03/1115092499600.html