Progen Industries announced on Wednesday positive preliminary results from its Phase II clinical trial of PI-88 for the treatment of patients with primary liver cancer after surgical tumor removal. Recipients of the drug remained cancer free 76% longer than patients who didn't receive the drug, 30 weeks rather than 17 weeks. The final results of Phase II will be available in 2Q07. The company is now preparing for the Phase III trial which will take place in the US, Taiwan, Singapore, China, Hong Kong and South Korea. Progen's stock rose $1.80 to $4.75 on Wednesday.
• Sources: TheStreet.com, DrugNewswire.com, TradingMarkets.com.
• Related commentary: Australian Biotech Progen Industries Jumps 100%
• Potentially impacted stocks Progen Industries (OTCQB:PGLA) Competitors: ImClone Inc (OTCPK:IMCL), Celgene Corp (CEGL), Onyx Pharmaceuticals (NASDAQ:ONXX)
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