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Progen Receives Nasdaq Notice Regarding Board Composition
Date:4/22/2009

BRISBANE, Calif., April 22 /PRNewswire-FirstCall/ -- Progen Pharmaceuticals Limited (ASX: PGL; Nasdaq: PGLA; the "Company") has received a letter dated 17th April 2009 from the Nasdaq Stock Market, notifying the Company that it no longer meets the independent director, audit and compensation committee requirements for continued listing on The Nasdaq Stock Market under Rules 5605(b)(1)1, 5605(c)(2)(A)2 and 5605(d)(2)3 (the "Rules"), and requiring that the receipt of the letter be announced.

The letter also requires the Company to provide the Nasdaq, by 4 May 2009, with the Company's specific plan and timetable to achieve compliance with the rules. The Company will provide Nasdaq with a plan for meeting the above-referenced Nasdaq listing rules within that timeframe.

This letter only applies to the Company's shares trading on The Nasdaq Capital Market and not the Company's shares trading on the Australian Securities Exchange, the Company's home exchange. Approximately 5.03 million of Progen's total issued capital of 60.55 million shares (8.3% of total issued capital) trade on The Nasdaq Capital Market.

This situation developed as a result of the removal from the Board of the four independent directors Mal Eutick, John Lee, Patrick Burns and Robert Williamson during the 27th of March 2009 General Meeting of Progen shareholders, as reported by the Company at the time. Before the end of the Company's current fiscal year, which ends on the 30th of June 2009, Progen intends to expand the board with independent directors and appoint an independent Chairman.

About Progen

Progen Pharmaceuticals Limited is a biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals primarily for the treatment of cancer. Progen has built a
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SOURCE Progen Pharmaceuticals Limited
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