progen meets with fda

Progen meets with FDA to progress PI-88 clinical development

Brisbane , Australia . 27 March 2006. Progen Industries (ASX: PGL, NASDAQ: PGLAF) is scheduled to meet with the FDA on 5 April to discuss the design of current clinical trials with PI-88 (the company's most advanced clinical compound) as well as the strategy for future trials. The design of new protocols is important in establishing the potential route to market for PI-88 and as such Progen has maintained an active relationship with the FDA through its Phase II trial program.

Progen's CEO, Justus Homburg commented: "We are committed to moving PI-88 forward rapidly in clinical development. At the FDA meeting we will be discussing the design of our current trials as well as protocol designs of future trials. This is an important step forward, as it will assist us in moving PI-88 towards eventual registration."

The Company expects the FDA's feedback one month later. This feedback will assist the Company in finalising its future clinical development plan for PI-88.

Progen will be presenting PI-88's clinical trial program at several conferences in the coming weeks as part of the Company's strategy to raise its international profile and progress PI-88's development.

Progen has been invited to present at the Shanghai-Hong Kong International Liver Congress in Shanghai (25–28 March). PI-88 is currently being assessed in a large randomised phase II clinical trial treating patients with hepatocellular carcinoma (primary liver cancer) following resection. The trial, which is being executed by Progen's clinical development partner, Medigen Biotechnology Corporation, is a unique and valuable opportunity to assess the anti-angiogenic properties of a compound like PI-88, in a patient population that has a low tumour burden.

The Company is also presenting data on its discovery series of compounds and their anti-angiogenic activity in vivo at the prestigious AACR Annual Meeting in Washington DC, USA (April 1-5). These new series of compounds are Progen's next generation of heparan sulfate mimetics and are integral in the expansion of Progen's drug pipeline.

Progen has been chosen to present to US fund managers on 6 April in New York, a lead up event to BIO2006, the largest biotechnology commercialisation conference in the world, which is being held in Chicago (April 8-12).

"Presenting Progen's exciting story amongst our peers and potential partners at these types of conferences is critical to growing our international profile and these activities will continue to be a priority in the future," added Homburg.

The details of the conferences and anticipated dates that the data will be published on the progen website are as follows:

Dates of Conference
Event
Website
Date to be published on Progen website

25-28 March 2006
Shanghai-Hong Kong, International Liver Congress,
http://www.livercongress.org/en/home.asp
27 March 2006

1-5 April 2006
AACR (American Association for Cancer Research) Annual Meeting, Washington DC, USA
http://www.aacr.org/default.aspx?p=5844
3 April 2006

6 April 2006
Australian Biotechnology Expo. New York City, USA

http://www.biomelbourne.org/715.0.html
7 April 2006

8-12 April 2006
BIO 2006 Chicago, USA
http://www.bio.org/events/2006/
N/A

About Progen: Progen Industries Limited is an Australian based globally focused biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals for the treatment of cancer and other serious diseases.

Progen's three key areas of focus are:
Clinical Development - via a focused clinical trial program involving its two compounds PI-88 and PI-166.

Drug Discovery - projects focusing on the development of potent, selective inhibitors of carbohydrate-protein interactions, which are implicated in many disease processes.

Manufacturing Services – PI-88 manufacturing development and supply for the clinical program

Keywords - Progen, cancer, PI-88, Justus Homburg

For further information visit:
www.progen.com.au