Progen boosts manufacturing arm with new US deal
Tuesday, 21 January, 2003
Brisbane biotech Progen Industries has reinforced the already significant contribution of its contract drug manufacturing arm by signing an agreement with US-based Sequella.
It is the fourth contract Progen has landed with US companies in the past 18 months.
The Sequella project involves manufacturing a protein for use in human trials of a new tuberculosis skin patch diagnostic test, Progen says.
The trials, to be held in South Africa, are being funded by the World Health Organisation.
AS well as its international contract work, Progen has a substantial number of domestic customers for its manufacturing services including CSIRO Molecular Science.
The Sequella contract will commence later this year, according to Progen managing director Lewis Lee.
Progen declined to reveal the value of the 12-month contract however it is probably similar to a recent $AUD500,000 manufacturing contract signed with US biotech Lipid Sciences.
In the last financial year, contract manufacturing contributed a substantial portion of the 58 per cent increase in Progen's revenues from biotech and R&D services.
The manufacturing area is providing Progen with a reliable cash flow while it pursues development of its lead drug candidate, the anti-cancer compound PI-88, which is in Phase II human trials.
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