Progen to license cancer R&D
Wednesday, 18 September, 2002
Drug developer Progen Industries is licensing development rights to a new patented cancer therapy from the University of New South Wales.
The agreement with the university's commercialisation arm, UniQuest, gives Progen exclusive world rights to technology covering a novel drug formulation and delivery mechanism with the potential to treat multiple cancers.
Progen is already in trials with its flagship anti-cancer drug, PI-88. It sees the newly-licensed therapy, labelled PI-166, as a complementary stablemate to PI-88 which will help fill Progen's drug pipeline.
PI-166 is currently in late-stage pre-clinical development and Progen will fund further R&D, including human trials, to provide further validation of the therapy.
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