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Progen Expands Drug Development Pipeline Through Acquisition of CellGate
Date:2/4/2008

hs while continuing our development programs for PI-88, PG500 and heparanase inhibitors."

"The merger of the two companies represents an important opportunity for CellGate and its shareholders," said Chris Mirabelli of HealthCare Ventures. "The transaction will maximize the value of CellGate's assets by combining leading pre-clinical and clinical programs in oncology within a strong, diverse company with the resources to support ongoing discovery and development efforts."

Progen's near-term goals are to drive PI-88 towards commercialization, move the PG500 series into the clinic, create new pre-clinical heparanase inhibitor products from Progen's discovery platform, and continue growing the Company through acquisitions and in-licensing. Progen's overriding objective is to expand its PI-88 platform and transform into a leader in the development of novel oncology products. This acquisition is a decisive step toward accomplishing that objective.

In addition to pipeline assets, Progen will also be gaining the extensive expertise of CellGate's Chief Scientific Officer, Dr. Laurence Marton. Dr. Marton is a leading polyamine expert with substantial experience in cancer drug development, and will be a strong addition to the Progen management team. Prior to Joining CellGate, Dr. Marton served as Dean of the University of Wisconsin-Madison Medical School; and before that was Chair of the Department of Laboratory Medicine at the University of California, San Francisco. Dr Marton has extensive experience in the field of cell growth. His research has resulted in more than 165 original publications, 60 scientific reviews and chapters, four books, and numerous patents.

About CellGate

CellGate, located in Redwood City, California, is a biotechnology company with oncology assets based on epigenetic and polyamine inhibition. CellGate brings to Progen an early generation polyamine analog, CGC11047, in Phase 1 clinical development. Progen intends to t
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SOURCE Progen Pharmaceuticals Limited
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