Progen shot itself in the foot when disgraced CEO Justus Homberg...

Progen shot itself in the foot when disgraced CEO Justus Homberg and his team initially fired all their principal research scientists in QLD and backstabbed investors by pulling PI-88. What irritated investors is this was not based on scientific reasons i.e. PI-88 performed well in clinical trials but because of poorly argued and unsubstantiated logistical reasons. This is nicely summarised in the link below.

http://www.canberratimes.com.au/news/local/news/general/drug-companies-must-be-forced-to-help-the-public/1387168.aspx


Progen was forced to return money back to investors who wanted to see PI-88 registered via a share buyback. Homberg also lost the company millions through a failed buy into Avexa (AVX).

Progen now has a new CEO (Sue Macleman) and appear to be in a sound cash position. They have control/ or soon will have control of PI-88 again and look to be getting back into phase three clinical trials and registration. They also seem to be looking to expand their IP portfolio.



Lets hope they can stay on track this time.