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

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liver cancer;

* Selected lead candidates for our drug discovery program focused on

developing inhibitors of heparin binding proteins, and presented animal

data at the American Association of Cancer Research meeting. Progen

expects to submit an Investigational New Drug application to the FDA by

the end of the calendar year 2008.

"This past fiscal year was the most significant and successful in Progen's history," said Justus Homburg, Chief Executive Officer of Progen Pharmaceuticals. "Our positive Phase 2 results for PI-88 in liver cancer, combined with our considerable fundraising efforts, have effectively positioned us to initiate our Phase 3 Trial during this calendar year and continue aggressively pursuing the development, registration and commercialisation of PI-88. At the completion of the trial, we expect to have a registration package for PI-88 in over a dozen countries."

Fiscal 2007 Financial Results:

Progen's operating loss for the year ended 30 June 2007 was $22.5 million, as compared to $7.6 million in 2006. The operating loss from continuing operations, excluding the non-recurring compensation of $11.7 million paid to Medigen in 2007, amounted to $10.7 million, as compared to $7.0 million in 2006, representing a 53.6 percent increase from last year. Of the $11.7 million paid to Medigen, $11.4 million was non-cash and included equity payments and the return of our investment in Medigen.

The operating loss includes expenses of $2.2 million, as compared to $369,000 in 2006 for costs associated with preparations for the Phase 3 development of PI-88, including regulatory, additional animal studies and manufacturing.

Fiscal 2007 revenue and other income totalled $3.8 million, as compared to $2.8 million in 2006, a 33.9 percent increase. This increase was due to a 41.2 percent increase in revenue from a previously received Australian government grant, and a 58.3 percent increase in interest inco
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SOURCE Progen Pharmaceuticals Limited
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