Progen (NASDAQ:PGLAF)
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Half Year Report - Progen on Track to Meet Milestones
Further Encouragement for PI-88 from Avastin's Approval
BRISBANE, Australia, Feb. 27 /PRNewswire-FirstCall/ -- Progen Industries
Limited , a progressive Australian drug development company, todayannounced its
half year financial results to December 31st, 2003 and said the company is on
track to meet its objectives for 2004.
Progen's operating loss for the half-year ending 31 December 2003 was
$1,895,201. "This is a good result when compared to the loss of $4,213,824 in
2002," Progen's Chief Financial Officer, Milton McColl commented. "This was
largely attributable to the profit, $929,999 made from the divesture of the Life
Sciences business unit, a transaction that enabled Progen to sharpenits cancer
drug development focus. In addition, the result was due to Medigen Biotechnology
Corporation's profit of $183,910 when equity accounted. This was caused by the
increase in Medigen's revenues and an increase in the share price of their
investment."
The following schedule summarises the results for the half-year ending 31
December 2003.
2003 2002
$'000 $'000
Revenue from commercial services sales 2,470 2,326
Revenue from other operating activities 705 705
Revenue from sale of discontinued operation 1,175 --
Total Revenue 4,350 3,031
Operating profit (loss)
before research and development (76) (503)
Research and development expenditure (2,003) (2,824)
Operating profit (loss)
after research and development (2,079) (3,327)
Share of equity profit (loss)
in associate entity 184 (887)
Operating loss (1,895) (4,214)
Net Tangible Assets 17,767 14,399
Net Assets per share (cents) 52.0 59.0
Cash on hand 14,974 8,348
Today also marks an important milestone in Progen's field of research.
Genentech, Inc. announced today that the U.S. Food and Drug Administration (FDA)
has approved Avastin(TM) (bevacizumab), a Vascular Endothelial Growth Factor
(VEGF) inhibitor, to be used in combination with chemotherapy as a treatment for
patients with metastatic cancer of the colon or rectum. StephenChang, Progen's
Chairman commented, "This is outstanding progress for the anti-angiogenesis
research area and helps build our confidence in our Phase II compound, PI-88.
PI-88 is small-molecule-based and rather than relying on a single mode of action
to induce an anticancer response, it inhibits blood vessel growth, or
angiogenesis via multiple growth factors including Fibroblast Growth Factors
(FGFs) and VEGF, as well as inhibiting other angiogenic agents, including
heparanase."
Bolstered by this positive announcement in the angiogenesis research area, the
main focus for the company in the calendar year 2004 will be to continue to
develop a robust clinical dataset for the lead anti-cancer compound PI-88 and
continue the ongoing partnering initiative. Stephen Chang, commented, "In the
past six months PI-88 has certainly moved forward its clinical development.
Signs of efficacy and a good safety profile have emerged from the clinical
program with some patients continuing to receive PI-88 for periods lasting up to
30 months. Two new Phase II trials have commenced just recently for patients
with advanced melanoma and non-small cell lung cancer, respectively, and our
centers are actively recruiting patients across Australia and the US. We are
veryexcited by the next 12 months and beyond."
DATASOURCE: Progen Industries
CONTACT: Sarah Meibusch of Progen Industries, +61-7-3273-9100, or