Cellgate, Progen deal

Progen acquired CellGate for about US$1.5 million in stock and up to US$19.5 million in milestones. Progen also will assume up to US$1 million of CellGate's debt. The deal gives Progen CGC-11047, a polyamine analog that was in a Phase II trial to treat metastatic hormone-refractory prostate cancer. The trial was suspended at an undisclosed point in time. Progen expects to re-start Phase I testing in advanced solid tumors next quarter to determine an appropriate dose. ...