Navigation Links
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 focus and strength in anti-cancer drug discovery and development. Progen targets the multiple mechanisms of cancer across its three technology platforms of angiogenesis, epigenetics and cell proliferation. Progen has operations in Australia and the United States of America.

www.progen-pharma.com

    For more information:
    T Justus Homburg
    Chief Executive Officer
    +61 7 3842 3333

This 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, amongst others, 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, PG11047, PG545, PG562, PG11122, PG11144 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 patents owned or licensed by the Company will provide meaningful protection or competitive advantages.

1 Rule 5605(b)(1) requires each Company to maintain a majority of the board of directors comprised of independent directors.

2 Rule 5605(c)(2)(A) provides, in part, that each Company have an audit committee composed of at least three independent directors.

3 Rule 5605(d)(2) provides, in part, that compensation of all other executive officers must be determined, or recommended to the Board for determination, either by independent directors constituting a majority of the Board's independent directors in a vote in which only independent directors participate; or a compensation committee comprised solely of independent directors.


'/>"/>
SOURCE Progen Pharmaceuticals Limited
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Progen Technology Switches on Cancer Fighting Genes and Inhibits Tumor Growth
2. ProGenTech Targets Clinical Diagnostics and Applied Sciences Markets with Human Genetic Signatures Deal
3. ProGenTech Limited Appoints Executive Management Team
4. ProGenTech Completes $21 Million Series C Financing
5. Radioactive progenies of thoron can be measured accurately, thanks to the PTB
6. Neural progenitor cells as reservoirs for HIV in the brain
7. Progen Investor Teleconference Dial In Details
8. Elusive pancreatic progenitor cells found in mice
9. Imaging neural progenitor cells in the living human brain
10. Progen Update on Phase 3 Clinical Program for PI-88 in Liver Cancer
11. Progen to Present Additional Analysis of Data from PI-88 Phase 2 Liver Cancer Study at American Association for the Study of Liver Diseases
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... Dickinson Insurance and Financial Services, ... preparation services, is providing an update on a charitable event that began earlier ... is a locally recognized nonprofit that provides shelter and care for animals seeking ...
(Date:10/13/2017)... ... 13, 2017 , ... The American Board of Family Medicine's (ABFM) Board of ... Executive Officer, succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will serve ... Puffer’s retirement at the end of 2018. Upon assuming the role of President and ...
(Date:10/13/2017)... (PRWEB) , ... October 13, ... ... School of Pharmacy (SOP) alumni Hannah Randall, PharmD ‘17, and Jennifer Huggins, ... professionals on guideline updates for the primary prevention of cardiovascular diseases during ...
(Date:10/13/2017)... ... October 13, 2017 , ... Many families have long-term insurance ... care insurance companies have a waiver for care if the client has a cognitive ... the family pays for care, is often waived, so the benefits from their insurance ...
(Date:10/13/2017)... ... October 13, 2017 , ... Global Healthcare Management’s 4th ... Park in Milford, NJ. This free event, sponsored by Global Healthcare Management’s CEO, ... The fun run is geared towards children of all ages; it is a non-competitive, ...
Breaking Medicine News(10 mins):
(Date:10/2/2017)... , Oct. 2, 2017 Diplomat Pharmacy, Inc. ... Day Software and Consulting, LLC , and named its ... Software, based in Tennessee , will ... Day expands EnvoyHealth,s service offerings for health care partners ... "In an interoperable world, ...
(Date:10/2/2017)... , Oct. 2, 2017  AllianceRx Walgreens Prime, ... formed by Walgreens and pharmacy benefit manager Prime Therapeutics ... new brand, which included the unveiling of new signage ... , as well as at a few other company-owned ... new brand to patients, some of whom will begin ...
(Date:10/2/2017)... Oct. 2, 2017 The Rebound mobile app is ... to reverse the tide of prescription drug addiction. The app ... medicine intake and stepping down their dosage in a safe, ... in December 2017; the first 100,000 people to sign up ... http://www.rebound-solution.com/ ...
Breaking Medicine Technology: