Business Description:
Progen Pharmaceuticals Limited (PGL) is a global biotechnology company involved in the discovery, research and development, and commercialisation of small molecule pharmaceuticals primarily for the treatment of cancer. PGL also provides contract services related to the process development, manufacture and quality assurance of biological products. PGL focus on two main development products, anti-angiogenesis and anti-metastatic products, both of which try to control tumor growth and spread.

Strategy Analysis:
Having positive preliminary results for PI-88 compound within its oncology pipeline, the drug has been awarded Fast Track status by US Food and Drug Administration (FDA). PGL did indicate that phase II trail results, administering 250mg of PI-88 in combination with chemotherapeutic agent docetaxel, did not meet secondary endpoints of improvement in time to progression, response rate, and overall survival and quality of life measures for patients with non small cell lung cancer. The overall data suggests no further investigation of PI-88 is warranted for patients of this group but the outcome of this study has no impact on Phase 3 registration strategy for patients with post-resection liver cancer. PGL received a $4.6m grant through the Australian Government's Pharmaceuticals Partnership Program for PI-88's research and development costs.