Progen Pharmaceuticals (PGL)

Stock Code

PGL

Stock Exchange

Australian Securities Exchange

Progen Pharmaceuticals Limited (PGL) is a biotechnology company engaged in discovering, developing as well as commercialising the small molecule pharmaceutical for cancer treatment. PGL was listed on the Australian Stock Exchange on the 22nd of December 1995. Its average annual revenue reaches approximately $2.6 million out of its issued capital of $63 million. Its headquarters is located in Queensland, Australia and to date; around 40 people are employed in the company. Progen Pharmaceuticals Limited operates mainly in two business segments: manufacturing business segments and the research and development business segment.

The primary activities of the manufacturing business segment of Progen Pharmaceuticals Ltd include the manufacturing of therapeutic products that include PI-88. This segment is also engaged in providing bioprocess technology services. This segment's operation is done through the company's manufacturing facility consist of 15 modular laboratories with a special function. This facility is also in charged of manufacturing a variety of biological products that include PI-166 and PI-88 used for both pre-clinical and clinical trials.

The research and development business segment of Progen Pharmaceuticals is engaged in the clinical development of PI-166 and PI-88, the anti-cancer drug candidates of the company. It also focuses on the company's drug discovery program.

Progen Pharmaceuticals Company History

Progen was initially established in 1990 when the company primarily focused on manufacturing and supply of molecular biology reagents and kits. The company was listed at 30 cents per share in 1995. Progen signed a manufacturing pact with Lipid Sciences in 2002, a biotechnology company in the US. The contract’s cost was more than AUD$500,000. In the latter part of 2002, the company accepted hospital ethics committee permit for its PI-166 which is a therapy for cancer. PI-166 has to undergo Phase I liver cancer test. The testing was done in Sydney, Australia at the St. George Hospital. Australia’s Commonwealth Science and Industrial Research Organisation and Progen signed a Memorandum of Understanding in order to develop, research and manufacture new drugs.

In the early part of 2003, Progen started producing a Protein MPT64 to be used in human testing of a new skin patch diagnostic test for tuberculosis. PI-188 Phase II testing was accomplished in Multiple Myelona. The company obtained the primary endpoints of the study which was to examine clinical effectiveness in patients who had gone through other treatment options. The company went on and extended in 2004 and selected Linton Burns to be the company’s Chief Financial officer and Secretary.

It extended the Phase II clinical test program of PI-88, an anti cancer product for prostate cancer. The company altered its NASDAQ ticker symbol to PGLA in October 2006. Progen Industries was changed to Progen Pharmaceuticals in March 2007.