This was a big mover last week. It didn't trade today and I checked on nasdaq which has it as a H1.1 halt (regulatory concerns). Anyone know what the deal is on this? I couln't find any news on the web.
Announcement is on the company website for all to read. www.progen.com.au Nothing sinister it is all good news. They have great support from institutions in the capital raising. 19 December 2006 Progen announces capital raising to progress PI-88 towards Phase 3 Progen Industries (ASX: PGL; NASDAQ: PGLA) today announced it is raising A$20.0 million through an underwritten private share placement and will commence a share purchase plan (SPP) to existing shareholders to partially fund the Phase 3 clinical development of PI-88 in post-resection liver cancer. Under this capital raise: 3,690,037 million fully paid ordinary shares, or 9.1% of our issued capital, will be issued to institutional and sophisticated investors at A$5.42 per share. The placement price represents the 5-day average closing ASX market price up to an including 15 December 2006. All existing shareholders residing in Australia and New Zealand are eligible to purchase up to A$5,000 worth of additional Progen shares without brokerage or transaction costs at the placement price of A$5.42 per share. The maximum amount that would be raised if all Australian and New Zealand registered shareholders invest the maximum A$5,000 is $14.4 million, the actual amount raised will depend on the level of uptake from Progen shareholders. . The private share placement has been underwritten by eG Capital Pty Ltd. Progen expects to allot the 3,690,037 placement shares on Thursday 21 December 2006. Justus Homburg, Chief Executive Officer of Progen said âTodayâs announcement of a capital raise follows last weeks successful release of preliminary data on the Phase II post-resection liver cancer trial of PI-88. The level of interest we attracted both in terms of having the private placement underwritten and institutional investor demand is particularly encouraging and demonstrates the marketâs positive support for our Phase III development plans. This capital raise is essential to our ability to meet our timeline objectives to starting the PI-88 Phase 3 trial around the middle of 2007.â The additional capital will be used to fund time critical aspects of the imminent Phase III trial of Progen's lead compound, PI-88, for the treatment of patients with liver cancer who have undergone surgery including engaging an international contract research organisation, expanding our clinical development team, manufacture of Phase III material, activating our Phase III clinical advisory team, submitting Phase III trial protocols for regulatory approvals and recruiting trial sites. Stephen Chang, Executive Chairman, said, âThe Board is very much aware of the continuing support from our shareholders who hold NASDAQ listed stock. Unfortunately, due to US SEC securities laws, it is not possible to include in this SPP shareholders with non-Australian or New Zealand registered addresses. We will do our best to include our NASDAQ shareholders in any future capital raise. We limited the amount raised in this round in part because of this.â Key dates for the SPP: 18 December 2006 Record date for the SPP 22 December 2006 SPP application despatched 22 December 2006 SPP offer opens 25 January 2007 SPP offer closes 5 February 2007 Allocation under SPP 5 February 2007 SPP shares quoted on ASX Mr Justus Homburg will be attending the annual JP Morgan Healthcare conference in San Francisco in January 2007. The Company considers attendance at this and other such events to be invaluable in further raising the international awareness of PI-88. About Progen: Progen Industries Limited is an Australian based globally focused biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals for the treatment of cancer and other serious diseases. Progen's three key areas of focus are: Clinical Development - via a focused clinical trial programme involving its two compounds PI-88 and PI-166. Drug Discovery - projects focusing on the development of potent, selective inhibitors of carbohydrate-protein interactions, which are implicated in many disease processes. Commercial Services - manufacturing biopharmaceutical products to global standards Keywords - Progen, PI-88, liver cancer, underwritten private placement, share purchase plan Web links to selected recent news and other information about Progen: Results for Phase 2 liver cancer trial www.progen.com.au/?page=nepress2006.html Manufacturing Clearance for Phase 3 www.progen.com.au/?page=nepress2006.html End of Year Financial Resiults www.progen.com.au/?page=nepress2006.html Preparing for Accelerated Development www.progen.com.au/?page=nepress2006.html Progen meets with FDA www.progen.com.au/?page=nepress2006.html New CEO www.progen.com.au/?page=nepress2006.html PI-88 mode of action www.progen.com.au/?page=nepress2005.html Progen's drug development pipeline www.progen.com.au/?page=pihome.html Progen Industries Ltd www.progen.com.au -------------------------------------------------------------------------------- Contacts Media and Investor Relations: Rebecca Piercy Buchan Consulting rpiercy@bcg.com.au Ph: 61 2 9237 2800 / 0422 916 422 CEO Justus Homburg Progen Industries Limited Justus.Homburg@progen.com.au Ph: 61 7 3842 3333 Financial Information Chief Financial Officer Linton Burns Linton.Burns@progen.com.au Ph: 61 7 3842 3333 Patient Enquiry Line Tel: +61 409 063 421 (US) or 0409 063 421 (Australia) Email: patient.enquires@progen.com.au This press 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 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, PI-166 and other drugs, future capitals needs, general economic conditions, and other risks and uncertainties detailed from time to time in the Company's filings with the Australian Stock 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. © Progen Industries Limited | Privacy Policy | Disclaimer
Hmmmm, so much info with your first post. LOL...thanks "Busker". By the way, which one of these individuals are you?........ Media and Investor Relations: Rebecca Piercy CEO Justus Homburg Chief Financial Officer Linton Burns
). < Anyone know what the deal is on this? I couln't find any news on the web. > You dont like detailed replies? Clearly the one who posted the above was in need of help. And I'm just a helpfull sort of person, but if it is not appreciated - fine. Don't worry I will not be here very often. Only got here because PGLA in in my Gogle alert. You can cynical as much as you like. no worry to me. Yes, I know two of the people mentioned very well. When I take a significant position I make it my biz. to get to know the people running the company. I am not one of these In Play keyboard jockyes who don't know what they are buying. I am here to see PGLA @ $40+ when DNA falls over. Sleep well my child.
Brisbane, Australia and Taipei, Taiwan, 16 January 2007. Progen Industries Limited (ASX: PGL, NASDAQ: PGLA) and Medigen Biotechnology Corporation (Medigen) today announced they have agreed terms to conclude the Agreement of Strategic Alliance (Strategic Alliance) between the two companies. The Strategic Alliance, which was signed in May 2000, required Medigen to undertake and complete certain clinical trials of PI-88. On completion of these PI-88 clinical trials, Medigen was entitled to a 15% royalty on PI-88 proceeds of commercialisation received by Progen. Both parties have agreed to end the Strategic Alliance to allow Progen to develop and commercialise PI-88 as rapidly as possible and with maximum flexibility. The removal of the 15% royalty obligation to Medigen means Progen now retains a much larger portion of PI-88âs proceeds of commercialisation which significantly increases the value of PI-88 to the Company as it completes the final stages of clinical development. In return, Medigen will benefit through an increased equity position in Progen and the potential to earn future milestone payments, demonstrating the confidence Medigen has in the future of PI-88. Additionally, the cancellation of Progenâs shareholding in Medigen and the removal of an associated anti-dilution clause will provide Medigen with future capital raising alternatives including a potential Initial Public Offering. Key terms: The parties agree to end the Strategic Alliance and therefore: o Medigen has no further obligations to conduct additional clinical trials of PI-88 following the completion of the current Phase II HCC trial; o Medigen foregoes its right to earn a 15% royalty on PI-88 proceeds of commercialisation received by Progen; and In consideration for Medigen agreeing to end the Strategic Alliance and to compensate Medigen for its contribution to the development of PI-88, Progen has agreed to: Return to Medigen the 19.9% equity it holds in Medigen; Issue 500,000 Progen ordinary shares to Medigen on execution of the agreement. Medigen are not able to sell these shares until they complete a clinical milestone in relation to the current PI-88 Phase II HCC Trial; Pay Medigen $A300,000 on execution of the agreement; Issue a further 732,600 Progen ordinary shares and pay $A2M in cash or shares, at Progen's discretion, to Medigen on Medigen completing two clinical milestones in relation to the current PI-88 Phase II HCC Trial; Pay Medigen up to $A4M on PI-88 achieving specified clinical and commercial milestones; and Issue 1,000,000 options to Medigen upon Medigen providing to Progen the HCC Phase II Trial Final Study Report. These options have an exercise price calculated on the 60 business day average closing Progen share price at the time the Final Study Report is provided to Progen, and have a two year term.