BRISBANE, Australia, June 23 /PRNewswire-FirstCall/ -- Progen Pharmaceuticals Limited (ASX:PGL;Nasdaq: PGLA) today received notice from the Nasdaq Stock Market that its securities will be delisted due to a minimum bid price deficiency under Nasdaq Listing Rule 5500(a)(2).
The notice states that trading in the Company's securities will be suspended at the opening of business on July 2, 2010, at which time a form 25-NSE will be filed with the Securities and Exchange Commission which will remove the Company's securities from listing and registration on the Nasdaq Stock Market.
This is not unexpected and Progen is currently seeking advice and will provide an update to the market at a later stage.
About Progen Pharmaceuticals Ltd
Progen Pharmaceuticals Limited is a biotechnology company committed to the discovery, development and commercialization of small molecule pharmaceuticals primarily for the treatment of cancer. Progen has built a focus and strength in anti-cancer drug discovery and development. Progen targets the multiple mechanisms of cancer across its three technology platforms of angiogenesis, epigenetics and cell proliferation. Progen has operations in Australia and the United States of America. www.progen-pharma.com
For more information:
Chief Executive Officer
+61 7 3842 3333
+61 437 211 200
+61 7 3230 5000
This release contains forward-looking statements that are based on current management expectations. These statements may differ materially from actual future events or results due to certain risks and uncertainties, including without limitation, risks associated with drug development and manufacture, risks inherent in the extensive regulatory approval process mandated by, amongst others, the United States Food and Drug Administration and the Australian Therapeutic Goods Administration, delays in obtaining the necessary approvals for clinical testing, patient recruitment, delays in the conduct of clinical trials, market acceptance of PI-88, PG11047, PG545, PG562, PG11122, PG11144 and other drugs, future capital needs, general economic conditions, and other risks and uncertainties detailed from time to time in the Company's filings with the Australian Securities Exchange and the United States Securities and Exchange Commission. Moreover, there can be no assurance that others will not independently develop similar products or processes or design around patents owned or licensed by the Company, or that patents owned or licensed by the Company will provide meaningful protection or competitive advantages.
SOURCE Progen Pharmaceuticals Ltd