Progen Engages Burrill to Advance PI-88 Partnering Discussions BRISBANE, Australia, June 28 /PRNewswire-FirstCall/ -- Progen Industries Limited (ASX:PGLASX:Nasdaq:ASX:PGLAF) announced today that they have engaged Burrill & Company, LLC (Burrill), to expedite a partnering transaction for the Company's lead anti-cancer product PI-88. Burrill is a San Francisco based global life sciences merchant bank with extensive experience in assisting companies in achieving their strategic partnering initiatives. The appointment of Burrill will accelerate and augment the Company's partnering initiatives. Over the past 18 months a number of large pharmaceutical and biotechnology companies have expressed interest in Progen's PI-88 family of therapeutic compounds, this interest has been further renewed on the back of the encouraging data presented at ASCO. Burrill will work with Progen to progress the partnering discussions with these companies, as well as others identified by Burrill, to achieve this transaction with the right partner, on the most competitive terms and with the appropriate attached value. Burrill has extensive networks within the global Biotech industry and a solid track record in closing such partnering transactions. The appointment of Burrill is a significant step in the licensing process. It will ensure the Company assesses all opportunities to maximise the overall deal terms and the product has the best chance of getting to market in the most time efficient manner. Contact: Progen Information: Sarah Meibusch Director, Business Development Progen Industries Limited Ph: +61 7 3273 9100 DATASOURCE: Progen Industries CONTACT: Sarah Meibusch, Director, Business Development of Progen Industries Limited, , +61-7-3273-9100

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