PGLAF Progen Industries

Bonus Issue of Options - Record Date November 28 2003 BRISBANE, Nov. 18 /PRNewswire-FirstCall/ -- Progen Industries Limited today announced that following the lodgement of the Bonus Options Issue form 3B and Prospectus, the record date for the Bonus Options Issue will be November 28, 2003. Shareholders on this date will be eligible to participate in the Bonus Options Issue at no cost. The issue will be prescribed on the basis of one option for every eight shares held on the record date. The prospectus outlines all the terms and conditions of the issue and will be mailed to all eligible shareholders on December 5 2003. Progen's Chairman Stephen Chang said, "The primary purpose of the bonus issue is to support Progen's growth strategy. We intend to create greater value for the company by augmenting our drug development pipeline by way of in-licensing and drug discovery, which will allow us to build an expanded drug development program. The clinical data emerging from PI-88 trials is encouraging and we remain confident that the PI-88 package represents a strong licensing opportunity." This week additional patient safety and early efficacy data from two PI-88 Phase I clinical trials was presented at the AACR-EORTC-NCI* conference entitled "Molecular Targets and Cancer Therapeutics" in Boston, USA. Dr Rob Don, Progen's VP for Research and Development commented. "This international conference focuses on early clinical trials of novel compounds and updated data from our two US PI-88 trials were presented here. In the Phase I single agent solid tumor trial, one third of patients treated have shown disease stabilization for 3 months up to 27 months. In the Phase I combination trial where PI-88 is being co-administered with Taxotere(R)(docetaxel), the combination has been well tolerated. We are now looking forward to the completion of these Phase I trials in the near future and moving into three Phase II trials." * American Association for Cancer Research (AACR), the European Organization for the Treatment of Cancer (EORTC), and the U.S. National Cancer Institute (NCI). DATASOURCE: Progen Industries Limited CONTACT: Sarah Meibusch of Progen Industries Limited, +61-7-3273-9100, or Web site: http://www.progen.com.au/

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