PROGEN MARKET UPDATE -
RESPONSE TO MEDIA COVERAGE
Brisbane, Australia. 19 March 2008 . Progen Pharmaceuticals Limited (ASX: PGL; NASDAQ:PGLA) today
responded to several articles appearing in today’s print media, in which it was alleged, in part, that a stockbroker
had “pushed” Progen shares to clients who then arranged margin loans for those clients with Tricom.
The Company wishes to reassure the market that no director or executives have margin loans or other material
financial arrangements in relation to their Progen shareholdings.
Progen has recently taken several key steps each aimed at delivering sustained growth and long-term shareholder
value. These include:
· Commencement of a global, Phase 3 trial in post-resection liver cancer with lead candidate, PI-88 with
recent enrolment of the first patient and initiation of additional sites.
· Financial resources in place to complete the Phase 3 trial.
· Significant portfolio expansion resulting from the CellGate acquisition introducing new products in clinical
and pre-clinical development as well as technologies in the areas of interrupting the gene silencing, new
blood vessel formation and metastasis processes of cancer.
· Restructure and new appointments to the Progen Board of Directors.
About Progen: Progen Pharmaceuticals is a globally focused biotechnology company committed to the
discovery, development and commercialization of small molecule pharmaceuticals primarily for the treatment of
cancer. Progen has operations in Australia and the US.
This announcement contains forward-looking statements that are based on current management expectations.
These statements may differ materially from actual future events or results due to certain risks and uncertainties,
including without limitation, risks associated with drug development and manufacture, risks inherent in the
extensive regulatory appr