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Progen Shareholders Call Meeting to Spill Progen Board and Offer Merger or Full Cash Back to Shareholders
Date:1/28/2009

well qualified and experienced directors, Mr. Robert Collins, Dr. Damian Pethica and Mr. Tom Williams, are proposed for appointment to the board of Progen. These candidates bring a strong mix of commercial and scientific skills necessary to drive corporate results for Progen and are strongly supportive of a merger between Progen and Cytopia. Biographies of each candidate are also appended to this announcement.

To avoid any conflict of interest no Cytopia representative has been nominated to the board. The candidates will be obliged to act in the best interests of Progen and the remaining Progen shareholders and their intentions will have been openly communicated to all parties. This will allow for a fully informed decision to be taken by Progen shareholders at the meeting.

"We believe that Cytopia would make an excellent partner for Progen and together we can build a bluechip oncology drug development company with a broad and advanced portfolio of programs," said Mr. Andrew Macdonald, CEO of Cytopia. "For those Progen shareholders who remain committed to this vision our merger proposal is based upon an excellent fit of complementary skills and programs in small molecule biotechnology. There is considerable opportunity to unlock value in both stocks.

"Cytopia is a world class drug development company with drug candidates ranging from the JAK3 program partnered with global pharmaceutical company Novartis through to CYT997, a vascular disrupting agent which is now in Phase II clinical studies. Our business strategy of supporting multiple drug programs and partnering prior to long and expensive Phase III clinical studies is a very commercial strategy.

"Today's actions by the requisitioning Progen shareholders are actually very consistent with the Beerworth and Partners Ltd report recommendations communicated by Progen."

Mr. Macdonald said, "Progen was once a strong player in the Aust
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SOURCE Cytopia Ltd
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