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Biotech / Medical : Progen Industries Ltd (PGLAF)

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From: Henrik	11/15/2006 2:59:08 AM
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US hedge fund nibbles at Progen - PGLA:NASDAQ One of the world's biggest hedge fund managers, SAC Capital Partners, appears to have thrown its weight behind a Australian biotech that has promised much but is still to deliver - Brisbane-based liver cancer compound developer Progen Industries. SAC is a $US10 billion ($13 billion) group of hedge funds founded by Steven Cohen in 1992 and which reportedly regularly returned more than 40 per cent in a single year. Cohen was reportedly the second-highest paid hedge fund manager in the United States in 2005. But what does he know about biotechs that others don't? Well, SAC is thought to have an investment team that looks at biotechs in the US, but this is believed to be its first Australian biotech investment. Yesterday's notice showing SAC owns 5.6 per cent (correction 6.9%) of Progen follows a strong run in the shares from $2 in August to almost $2.40. News on the progress of its PI-88 anti-cancer compound through to US Food and Drug Administration registration has been positive. Source: www.afr.com.au - 15 Nov. 2006

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