As part of the strategic review, Progen has determined that the current phase 2b melanoma trial, will be completed but no further development in melanoma by Progen is anticipated at this stage. This trial is expected be finalised at an estimated additional cost of $300,000.
In addition, and as part of the strategic review, the Company has also decided to terminate further development of its phase 1 compound PI-166, based on a recent commercial assessment of the market and the approval of Nexavar(R) in this indication.
The Board of Progen has determined that it will increase its focus on the further development of molecules with high potential value.
Progen will focus its resources on aggressively pursuing its other compounds in development PG11047 (phase 1), the 500 series (late preclinical) and the epigenetics platform (early preclinical).
-- Progen has previously announced the phase 1 trial of compound PG11047, for patients with advanced cancers, which had been the subject of an earlier phase 1 trial. This extended trial is already showing positive tolerability/dosing profiles.
-- The 500 series is currently undergoing scale-up manufacture and animal safety studies.
-- The Board of Progen has confirmed that it will continue to expand its gene expression modification - epigenetic - compounds platform, added to Progen's technology platform through the CellGate acquisition.
In parallel, the Company will be actively pursuing merger and acquisition opportunities to expand its clinical stage pipeline.
Given its strong cash position, Progen will aggressively pursue M&A
activities. As part of this process, Progen will announce in the n
|SOURCE Progen Pharmaceuticals Limited|
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