|
20 February 2006
NEW CEO TO LEAD PROGEN THROUGH NEXT STAGES OF CANCER DRUG DEVELOPMENT
Brisbane, Australia 20 February 2006. Progen Industries
(ASX: PGL) today announced the board has implemented its management succession
plan with the resignation of Mr Lewis Lee as Managing Director and member
of the Board of Directors, and the appointment of Mr Justus Homburg as
Chief Executive Officer effective March 1, 2006.
To maximize continuity and a smooth transition in Progen’s on-going
strategic partnering efforts, Mr Lee will continue to provide support
to the Company in an advisory role.
Mr Homburg has an extensive industry background covering operations in
Europe, the United States, Australia and Asia. He has a reputation for
driving business development in international markets, technology commercialization,
mergers & acquisitions, and financial transactions through a collaborative
approach to achieve the growth and expansion of life sciences companies.
His experience ranges from start-up organizations to a US Fortune 100
company in the pharmaceutical and life science sectors and includes 11
years senior management experience with Monsanto (NYSE: MON). Mr Homburg
managed a number of core businesses and new technology development processes,
including the creation and development of the Pharmaceutical Services
Division and Monsanto’s Health & Wellness Businesses. He managed
the new life sciences technologies development platform that led to the
rapid commercialization of Celebrex™ in a record 39 months from
discovery.
Progen is preparing for its
next phase of development, which is focused on the late stage progression
of its lead drug PI-88 towards market and positioning the company internationally
as a leader in drug development. The latter is supported through the company’s
current drug portfolio and active drug discovery program.
Mr Stephen Chang, Chairman of Progen commented: "The Board of Progen
is confident that Justus can take Progen through its next stage of growth.
He is a proven senior executive, a strong strategic thinker with a solid
commercial background in international pharmaceuticals.”
“Justus will be instrumental
in implementing organisation change to increase the focus on drug discovery,
progress the existing product portfolio including Progen’s lead
anti-angiogenesis drug PI-88, and identify creative opportunities to further
strengthen Progen’s pipeline.”
“The Board would like
to thank Lewis for his leadership of the company over the last six years
and his contribution to the scientific and commercial progress that has
been achieved under his leadership. He leaves with our very best wishes
for his future enterprises," Mr Chang continued.
About Progen:
Progen Industries Limited is an Australian based globally focused biotechnology
company committed to the discovery, development and commercialisation
of small molecule pharmaceuticals for the treatment of cancer and other
serious diseases.
Progen's three key areas of focus are:
- Clinical Development - via a focused clinical
trial programme involving its two compounds PI-88 and PI-166.
- Drug Discovery - projects focusing on the development
of potent, selective inhibitors of carbohydrate-protein interactions,
which are implicated in many disease processes.
- Commercial Services - manufacturing biopharmaceutical
products to global standards.
Keywords -
Progen, cancer, PI-88, Lewis Lee, Justus Homburg
Web links to selected recent
news and other information about Progen:
|
|