Progen Pharmaceuticals (ASX: PGL, OTC: PGLA) has increased its cash position by $1.23 million following the private placement of 5.9 million shares at $0.21, with the company to use the funds for drug development activities.
The placement was facilitated by Mercer Capital Pty Ltd, the underwriter of the company’s recently completed non-renounceable rights issue.
Progen is focused on the discovery, development and commercialisation of small molecule pharmaceuticals primarily for the treatment of cancer, with the funds to be used for the preclinical and clinical development of PG545 and continued development of PI-88.
Drug candidate PG545 is for the prevention and treatment of Hepatocellular Carcinoma and Non-Oncology indications globally.
Earlier in the year Progen signed a license Medigen Biotechnology Corporation for the development and commercialisation of PG545.
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