Progen Pharmaceuticals Limited reported audited earnings results for the half year ended December 31, 2009. The company reported loss for the six months ended December 31, 2009 was AUD 8,192,000 or 33.16 cents loss per basic and diluted share compared to a loss of AUD 1,726,000 or 2.86 cents loss per basic and diluted share in the previous corresponding period. The variance between the results ending December 31, 2009 and the previous corresponding period is largely due to a $7,584,000 decrease in foreign exchange gains, payment of AUD 1.8 million legal settlement and decreases in interest and manufacturing income. The company reported revenues were AUD 1,120,000 against AUD 3,125,000 for the same period last year. Net loss from operations was AUD 7,725,000 against AUD 8,843,000 for the same period last year. Total comprehensive loss was AUD 8,158,000 against AUD 1,683,000 for the same period last year. Net cash flows used in operating activities were AUD 7,640,000 against AUD 11,635,000 for the same period last year. Purchase of property, plant, equipment & other assets were AUD 21,000 against AUD 174,000 for the same period last year.

Progen Pharmaceuticals Limited appointed current board member Dr. John Chiplin as interim Chief Executive Officer, effective immediately. Dr. Chiplin has 25 years experience across the life science and technology industries, most recently as Managing Director of the ASX listed Australian company Arana Therapeutics. The company said Dr. Chiplin's extensive experience in the Australian and international biotech industries would be an invaluable asset to the company. Dr. Chiplin became a non executive director of Progen on July 1, 2009, and his re-election as director was overwhelmingly ratified by shareholders yesterday at the Company's AGM. He will remain on the board throughout his appointment and will be predominantly based in Brisbane.

Progen Pharmaceuticals Limited announced that Dr. Gordon Schooley and Mr. Joe Yeh-Chiao Lin have tendered their resignations as directors of the company with effect from the conclusion of the 2009 AGM, currently scheduled for 30th November 2009.