Biotechnology company Progen Industries Ltd. said the Food and Drug Administration gave it clearance to manufacture its anticancer drug candidate PI-88 for a late-stage clinical trial.
The Australian company's facility in Darra will make the first step of the process and a "large," U.S.-based manufacturer will produce the final ingredient, according to Progen. Up to 150,000 doses will be produced ahead of the study, which is expected to begin in mid-2007.
Shares of Progen rose 45 cents, or 15.3 percent, to $3.38 on the Nasdaq in morning trading after hitting a 52-week high of $3.93 shortly after the market opened.
The Australian company's facility in Darra will make the first step of the process and a "large," U.S.-based manufacturer will produce the final ingredient, according to Progen. Up to 150,000 doses will be produced ahead of the study, which is expected to begin in mid-2007.
Shares of Progen rose 45 cents, or 15.3 percent, to $3.38 on the Nasdaq in morning trading after hitting a 52-week high of $3.93 shortly after the market opened.
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