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. |
