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Progen Concedes Shareholder Requisitioned Meeting
Date:2/18/2009

olves the development of a balanced portfolio of compounds and projects

-- Despite the eventual failure of PI88 development, the current

Progen board proposes a continuation of the same high risk

business model under an Avexa merger.

  • Focus on acquiring complementary assets in oncology discovery, research and development

-- The Avexa merger proposal concentrates on HIV, not oncology.

The Avexa assets are not complementary with the Progen assets.

Recommendation

A focus on a single compound development strategy is inappropriate for Progen shareholders and inconsistent with the recommendations the company received last year from its own advisors. It is Cytopia's view that all Progen shareholders should vote against the proposed merger with Avexa on March 11, 2009 and vote for the appointment of a new board willing to represent the interests of all shareholders on March 27, 2009.

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 trialled 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
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SOURCE Cytopia Ltd
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