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

ake CGC11047 through a rigorous pre- and clinical assessment in the coming 18 months before determining a future mid-stage clinical development program for this product candidate. Complementing this first generation clinical candidate is a series of next- generation pre-clinical compounds that have shown strong anti-tumor activity in animal cancer models. These compounds represent potential new drug candidates for Progen that target both the polyamine as well as epigenetic pathways. In addition, CellGate has active research collaborations with Johns Hopkins and Wayne State Universities with the goal of generating new compounds with strong activity against the epigenetic targets LSD-1 and HDAC.

Terms of the Agreement

Under the terms of the agreement, the up-front purchase price will comprise the issue of 756,199 Progen shares having a value of approximately $US1.5 million and the assumption by Progen of CellGate net liabilities up to $US1.0 million.

The shares will be issued as follows: 604,959 Progen shares on closing, 75,620 Progen shares on the date 6 months after closing and 75,620 Progen shares on the date 12 months after closing. The 6 and 12 month deferred issues of shares are subject to there having been no material breaches of warranties and representations given by CellGate. In the event CellGate's net liabilities at closing are less than $1.0 million Progen will issue additional shares for the difference but the total number of shares to be issued (including the 604,959 shares of up-front consideration) will in no event exceed 957,464 Progen shares. These additional shares will be issued approximately 45 days after closing. Any remaining difference will be paid in cash at closing.

Additional milestone payments of up to $US19.5 million, payable to the CellGate shareholders in Progen shares (to the extent permissible without shareholder approval) and/or cash, are to be made upon the achievement of certain clinical and regulatory m
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SOURCE Progen Pharmaceuticals Limited
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