LOLThe ferret states:"PROGEN PHARMACEUTICALS (ASX:PGL), once one...

LOL

The ferret states:

"PROGEN PHARMACEUTICALS (ASX:PGL), once one of the most highly
regarded bio-techs, and once $9 a share, has been on a long, slow slide.
Shareholders may well have believed the stock had finally hit
rock-bottom last week at $1.125.
But, as we have often learnt with many stocks in this shakeout,
there's always scope for more damage.
Progen crashed 63c to touch a new rock-bottom (no, better just
make that "new low" for now) of 57c on Wednesday.
It managed a recovery to 65c yesterday.
Bio-tech followers are shocked at the sudden downturn in the
company's fortunes, with Wednesday's stark announcement that it had
discontinued the PI-88 phase 3 study in liver cancer.
The company will now pursue merger and acquisition opportunities
to expand its clinical-stage pipeline, given its strong cash position.
Progen said that at June 30 it had $76.7 million cash, excluding
creditors and accruals of $6.2 million.
Hey, did it say $76.7 million?
That's $1.26 a share.
Hands up all Progen shareholders who would like to
take-the-cash-and-run option."