Progen Signs Exclusive Agreement with International Life Sciences Company.Business Editors/Health & Medical Writers BRISBANE, Australia--(BW HealthWire)--April 2, 2002 Progen Industries (ASX ASX See: Australian Stock Exchange :PGL Persistent generalized lymphadenopathy (PGL) A condition in which HIV continues to produce chronic painless swellings in the lymph nodes during the latency period. Mentioned in: AIDS ) (Nasdaq:PGLAF PGLAF Project Gutenberg Literary Archive Foundation ), has been appointed the exclusive distributor in Australia, effective from May 1st this year, for Pierce Chemical Company covering both Pierce and Endogen brand products. Through its Life Sciences Division, Progen will distribute the PIERCE ENDOGEN brand products throughout Australia. In addition to core R&D activities (including developing its own anti-cancer compound, PI-88), Progen operates a Commercial Services division incorporating two revenue-generating business units: 1. Contract Services -- which manufactures potential therapeutics and vaccines under cGMP standards; and 2. Life Sciences -- responsible for the importation and distribution of biological and chemical research products to laboratories throughout Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . In the 2000/01 financial year, Progen's Commercial Services Unit generated in excess of $2.4 million revenue. The company recently reported a significant increase of 46 percent revenue for the first six months of 2001/02 from $1.611 million to $2.355 million. According to Mr. Lewis Lee, Managing Director of Progen Industries, "In addition to contributing to our Commercial Services revenue, this agreement with Pierce Chemical Company also adds a very reputable product portfolio to our existing stable." "We are pleased to be distributing PIERCE ENDOGEN products as they are recognised as superior research products internationally in their respective R&D application areas." PIERCE ENDOGEN PIERCE develops and supplies products used for research purposes in protein chemistry, immunology and molecular biology. These products enable life scientists to identify and investigate the biological mechanisms of DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. , RNA RNA: see nucleic acid. RNA in full ribonucleic acid One of the two main types of nucleic acid (the other being DNA), which functions in cellular protein synthesis in all living cells and replaces DNA as the carrier of genetic and proteins in different cells and tissues. They are also used in the development of platforms for drug discovery and high throughput screening. ENDOGEN life science products are used in a wide variety of biomedical research settings to investigate the underlying immunological mechanisms of diseases including cancer, auto-immune disorders, inflammation and AIDS. Endogen, is one of the top three suppliers of products related to the measurement of cytokines Cytokines Chemicals made by the cells that act on other cells to stimulate or inhibit their function. Cytokines that stimulate growth are called "growth factors. and chemokines (the chemical messengers of the immune system). Progen Progen Industries is a biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals for the treatment of a variety of diseases. The company's lead drug candidate, PI-88, is currently in Phase II oncology trials. The company has a world-class facility that manufactures drug candidates under Good Manufacturing Practices (GMP GMP (guanosine monophosphate): see guanine. ) for clinical trials, and a Life Sciences business unit responsible for the importation and distribution of biological and chemical research products to laboratories throughout Australia and New Zealand. This press release 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 approval process mandated by the United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. and the Australian Therapeutic Goods Administration The Therapeutic Goods Administration or TGA is the regulatory body for therapeutic goods (including medicines, medical devices, gene technology, and blood products) in Australia. , delays in obtaining the necessary approvals for clinical testing and for marketing of PI-88, patient recruitment, delays in the conduct of clinical trials of PI-88, market acceptance of PI-88 and other drugs, future capitals needs, general economic conditions, and other risks and uncertainties detailed from time to time in the Company's filings with the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. and the United States Securities and Exchange Commission. Moreover, there can be no assurance that others will not independently develop similar products or processes or design around patents owned or licensed by the Company, or that patents owned or licensed by the Company will provide meaningful protection or competitive advantages. |
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