Progen Pharmaceuticals’ (ASX:PGL) shares have surged recently, rising from $0.20 in mid-December to a high of $0.55 yesterday, an increase of 125%.
The stock last traded at $0.50.
In yesterday's ASX price and volume query, Progen cited possible increased investor awareness of its anti-cancer drug PI-88, under development by licensee Medigen Biotechnology Corporation, where target enrolment of 500 patients was recently achieved for a phase 3 trial.
Progen also announced today receipt of a research and development tax refund of $613,503, bringing its cash balance to over $8 million.
The company is now capitalised at $30 million.
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