Progen Engages Burrill to Advance PI-88 Partnering Discussions

Progen Engages Burrill to Advance PI-88 Partnering Discussions



BRISBANE, Australia, June 28  /PRNewswire-FirstCall/ -- Progen Industries
Limited (ASX:PGLASX:Nasdaq:ASX:PGLAF) announced today that they have engaged
Burrill & Company, LLC (Burrill), to expedite a partnering transaction for the
Company's lead anti-cancer product PI-88. Burrill is a San Francisco based
global life sciences merchant bank with extensive experience in assisting
companies in achieving their strategic partnering initiatives. The appointment
of Burrill will accelerate and augment the Company's partnering initiatives.

Over the past 18 months a number of large pharmaceutical and biotechnology
companies have expressed interest in Progen's PI-88 family of therapeutic
compounds, this interest has been further renewed on the back of the
encouraging data presented at ASCO.

Burrill will work with Progen to progress the partnering discussions with these
companies, as well as others identified by Burrill, to achieve this transaction
with the right partner, on the most competitive terms and with the appropriate
attached value. Burrill has extensive networks within the global Biotech
industry and a solid track record in closing such partnering transactions.

The appointment of Burrill is a significant step in the licensing process. It
will ensure the Company assesses all opportunities to maximise the overall deal
terms and the product has the best chance of getting to market in the most time
efficient manner.

   Contact:
   Progen Information:
   Sarah Meibusch
   Director, Business Development
   Progen Industries Limited
   
   Ph: [phone]


DATASOURCE: Progen Industries



CONTACT:  Sarah Meibusch, Director, Business Development of Progen

Industries Limited, , [phone]

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