Progen Raising $61M To Fund Phase III Cancer Trials Of PI-88

Shrine, Jim
May 2007
BioWorld Today;5/4/2007, Vol. 18 Issue 87, p1
The article reports that Progen Pharmaceuticals Ltd. has embarked into financing agreements that will produce about $61 million to fund its Phase III cancer trials. The company has signed an agreement with U.S. institutional and other investors to sell 6.9 million shares for $32.8 million. The company assumes that the proceeds of the activities will be about $56.5 million and will be used to Phase III clinical trials of PI-88 in post-resection liver cancer and the development of other products.


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