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Cytopia Letter to Progen Shareholders
Date:2/25/2009

MELBOURNE, Australia, Feb. 25 /PRNewswire/ -- Cytopia Limited (ASX: CYT) has today circulated a letter and other materials to Progen Pharmaceuticals Limited (ASX: PGL) shareholders. The letter provides an update on the current shareholders requisitioned meeting scheduled for 27 March 2009 and provides recommendations on how to vote at the upcoming general meeting on 11 March 2009.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090225/NY75105)

The letter and the sample proxy form are attached to this release.

About Cytopia

Cytopia Ltd is an Australian biotechnology company focused on the discovery and development of new drugs to treat cancer and other diseases. Cytopia conducts its research and drug development through subsidiaries based in Melbourne, Australia and San Francisco, USA and specializes in developing new small molecule compounds with an improved therapeutic profile for the treatment of cancer.

The company's lead drug candidate is CYT997, a vascular disrupting agent (VDA) for the treatment of various cancers, which is currently being trialed in Phase I and Phase II clinical studies. Cytopia is continuing to build on its range of JAK inhibitors and kinase expertise, with CYT387, a novel oral JAK2 inhibitor focused on the treatment of myeloproliferative disorders, expected to enter Phase I clinical studies in 2009.

Website: www.cytopia.com.au

Dear Progen shareholder

In the 2007 financial year your company raised nearly $100 million for Phase III trials of PI-88. Since that time:

  • The board terminated the PI-88 Phase III study in liver cancer in July 2008;
  • The share price has fallen from $9.49 in April 2007 to around $0.82, below cash
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SOURCE Cytopia Limited
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