Medigen Biotechnology Corp., Progen Industries deal

The companies will develop PGL's PI-88 sulfated mannopentaose phosphate to treat cancer and cardiovascular disease. Medigen will fund one Phase II trial in either advanced liver cancer, nose and throat cancer or mouth cancer; one Phase II trial in a blood clotting condition; and two proof of principle cancer trials. PI-88, which inhibits metastasis and angiogenesis, is in a Phase Ib trial in cancer. PGL retains marketing rights to PI-88, and Medigen is eligible to receive a 15 percent royalty on PGL's future revenues from the compound in cancer and cardiovascular diseases. ...