Brisbane, Australia. 23 March 2007: Progen Industries Limited...

Brisbane, Australia. 23 March 2007:

Progen Industries Limited (ASX: PGL; NASDAQ: PGLA) filed an F-3 Shelf Registration Statement with the U.S Securities and Exchange Commission overnight.

When declared effective by the Securities and Exchange Commission, this registration statement will allow Progen to issue, from time to time, up to US$60 million in any combination of its ordinary shares and warrants (similar to Australian options) over the next two years in the U.S.
The terms, amounts and pricing of any future issue of securities will be determined and announced at the time of the offering.

Linton Burns, Progen’s Chief Financial Officer commented, “This registration statement is not an offer or agreement to issue the Company’s shares or warrants. We have registered our securities now so that we have the flexibility to raise capital in the U.S. if and when we deem appropriate. This F-3 shelf registration statement describes the general manner in which our securities may be offered for sale. Filing such statements is common practice for U.S. listed entities.”
Justus Homburg, Progen’s Chief Executive Officer added, “The shelf registration is a necessary step in the Company’s progress towards further capital raising and the Phase 3 development of PI-88. This registration will facilitate access to the U.S. capital markets to assist the Company’s future fund raising needs.

Any capital raised through the future issue of securities under this shelf registration will be used to fund the PI-88 Phase 3 program in liver cancer while continuing clinical trials of PI-88 in other indications and the development of our portfolio of other product candidates.”

A copy of the F-3 Shelf Registration has been posted on Progen’s website:
http://www.progen.com.au/?page=infilings.html

About Progen: Progen Industries Limited is an Australian based globally focused biotechnology company committed to the discovery, development and commercialisation of small molecule pharmaceuticals for the treatment of cancer and other serious diseases.
Progen’s three key areas of focus are:
• Clinical Development - via a focused clinical trial program involving its two compounds PI-88 and PI-166.
• Drug Discovery - projects focusing on the development of potent, selective inhibitors of carbohydrate-protein interactions, which are implicated in many disease processes.
• Manufacturing Services – PI-88 manufacturing development and supply for the clinical program and contract manufacturing services.
Keywords - Progen, liver cancer, PI-88, F-3, shelf registration.

http://sa.iguana2.com/cache/e0e31392069e145846c85f914e4b8181/ASX-PGL-186402.pdf