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Progen Pharmaceuticals Announces Fiscal 2007 Financial Results
Date:8/23/2007

- Positive Phase 2 Clinical Trial Results from PI-88 in Liver Cancer and

$92.4 million in Raised Capital Highlight the Year -

SYDNEY, Australia, Aug. 23 /PRNewswire-FirstCall/ -- Progen Pharmaceuticals Limited (ASX: PGL; Nasdaq: PGLA) today released its financial results for the fiscal year ended 30 June 2007.

Fiscal 2007 Corporate Highlights

* Announced positive results from a Phase 2, 172 patient, post-resection

liver cancer trial for P1-88 that support moving into a multi-national

registration-directed Phase 3 trial;

* Raised a net total of $92.4 million through various fundraising

activities, which provides Progen with additional working capital to fund

the Phase 3 clinical development of PI-88 in post-resection liver cancer,

conduct additional clinical trials of PI-88 in other indications and

further develop other product candidates;

* Completed a royalty-buy-back negotiation with Medigen Biotechnology

Corporation (Medigen) resulting in the conclusion of the Strategic

Alliance between the two companies, which provides Progen with maximum

flexibility and the opportunity to more rapidly develop and commercialise

PI-88;

* Continued efforts on the Company's Phase 2 PI-88 prostate and melanoma

trials with results expected in the first half and second half of calendar

2008, respectively;

* Completed Phase 2 Non-Small Cell Lung Cancer trial with results due by

the end of the third quarter in calendar 2007;

* Received a grant of up to $4.6 million through the Australian

Government's Pharmaceuticals Partnerships Program that will be used

towards PI-88's research and development costs;

* Expanded senior management team and established leading international

clinical advisory board of liver cancer specialists to support the

clinical development and commercialisation of PI-88 in post-resection<
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SOURCE Progen Pharmaceuticals Limited
Copyright©2007 PR Newswire.
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