Bonus Issue of Options - Record Date November 28 2003

Bonus Issue of Options - Record Date November 28 2003 


BRISBANE, Nov. 18  /PRNewswire-FirstCall/ -- Progen Industries Limited  today
announced that following the lodgement of the Bonus Options Issue form 3B and
Prospectus, the record date for the Bonus Options Issue will be November 28,
2003.  Shareholders on this date will be eligible to participate in the Bonus
Options Issue at no cost.  The issue will be prescribed on the basis of one
option for every eight shares held on the record date.  The prospectus outlines
all the terms and conditions of the issue and will be mailed to all eligible
shareholders on December 5 2003.

Progen's Chairman Stephen Chang said, "The primary purpose of the bonus issue is
to support Progen's growth strategy.  We intend to create greater value for the
company by augmenting our drug development pipeline by way of in-licensing and
drug discovery, which will allow us to build an expanded drug development
program.  The clinical data emerging from PI-88 trials is encouraging and we
remain confident that the PI-88 package represents a strong licensing
opportunity."

This week additional patient safety and early efficacy data from two PI-88 Phase
I clinical trials was presented at the AACR-EORTC-NCI* conference entitled
"Molecular Targets and Cancer Therapeutics" in Boston, USA.  Dr Rob Don,
Progen's VP for Research and Development commented.  "This international
conference focuses on early clinical trials of novel compounds and updated data
from our two US PI-88 trials were presented here.  In the Phase I single agent
solid tumor trial, one third of patients treated have shown disease
stabilization for 3 months up to 27 months.  In the Phase I combination trial
where PI-88 is being co-administered with Taxotere(R)(docetaxel), the
combination has been well tolerated.  We are now looking forward to the
completion of these Phase I trials in the near future and moving into three
Phase II trials."

  * American Association for Cancer Research (AACR), the European
    Organization for the Treatment of Cancer (EORTC), and the U.S. National
    Cancer Institute (NCI).


DATASOURCE: Progen Industries Limited



CONTACT:  Sarah Meibusch of Progen Industries Limited, [phone],

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Web site:  http://www.progen.com.au/ 

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