progen comments
PROGEN closed up 39c to $1.18 on a half million shares, good volume for the stock, which only has 24.4 m shares on issue. Directors are currently on a roadshow in Australia updating shareholders on the company in connection with the Share Purchase Plan which closes on June 16. ABN Amro Morgans analyst Scott Power said recent positive news in particular from Genentech that has an anti-angiogenic drug, Avastin which has received positive clinical results could have focussed attention on Progen, which has three clinical trials running for PI-88, which is also an anti-angiogenic. Progen's PI-88 treatment has shown long term stabilisation of cancer in several patients with advanced cancers. All patients who have entered the trials are seriously/ terminally ill with previous therapies no longer effective and few standard treatment options left. Progen's other lead compound, PI-166, is undergoing evaluation in a Phase I clinical trial in patients with inoperable liver cancer.
PGL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
