Progen Pharmaceuticals Limited reported earnings results for the half year ended December 31, 2012. For the period, the company reported revenue of AUD 1,806,400 compared to AUD 1,235,467 a year ago. Loss before income tax expense was AUD 1,509,380 compared to AUD 1,961,799 a year ago. Net loss was AUD 1,509,380 or AUD 6.11 per basic and diluted share compared to AUD 1,961,799 or AUD 7.94 per basic and diluted share a year ago. Net cash flows used in operating activities was AUD 766,039 compared to AUD 2,722,591 a year ago. Purchase of plant and equipment was AUD 13,973 compared to AUD 18,902 a year ago.

Progen Pharmaceuticals Limited signed a confidential binding term sheet on December 28 for a license with Medigen Biotechnology Corp. has now executed the license agreement for development and of its drug candidate PG545 for the prevention and treatment of Hepatocellular Carcinoma (HCC) and Non-Oncology indications globally. Progen retains the rights for all other oncology indications for PG545. Specific terms of the licence agreement are in line with industry standards, but are subject to commercial confidentiality. Progen received $400,000 as an upfront payment pursuant to the license agreement upon execution of the binding term sheet. The company will receive further milestone payments from Medigen as PG545 is developed for HCC and Non-Oncology indications and royalty payments from sales.

Progen Pharmaceuticals Limited announced that they will report Q2, 2013 results on Feb 28, 2013