The transaction has been approved by the Boards of Directors of both companies and is subject to customary closing conditions and is expected to close in the first half of 2008.
Burrill LLC acted as financial advisor to Progen in this transaction.
Further details regarding the conference call will follow.
About Progen: Progen Pharmaceuticals Limited is an Australia-based globally focused biotechnology company committed to the discovery, development and commercialization of small molecule therapeutics primarily for the treatment of cancer.
This press release contains forward-looking statements that are based
on current management expectations. These statements may differ materially
from actual future events or results due to certain risks and
uncertainties, including without limitation, risks associated with drug
development and manufacture, risks inherent in the extensive regulatory
approval process mandated by the United States Food and Drug Administration
and the Australian Therapeutic Goods Administration, delays in obtaining
the necessary approvals for clinical testing, patient recruitment, delays
in the conduct of clinical trials, market acceptance of PI-88, PI-166 and
other drugs, future capital needs, general economic conditions, and other
risks and uncertainties detailed from time to time in the Company's filings
with the Australian Securities Exchange and the United States Securities
and Exchange Commission. Moreover, there can be no assurance that others
will not independently develop similar products or processes or design
around patents owned or licensed by the Company, or that pate
|SOURCE Progen Pharmaceuticals Limited|
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