SPOTLIGHT: Progen axes royalty pact

Progen Industries has killed a pact to share royalties on the experimental tumor drug PI-88, believing it can gain greater value for the therapy as it moves into late-stage trials. Terminating the agreement with Taiwan's Medigen could cost Progen more than $15 million. Medigen will lose its rights to 15 percent of the royalties from PI-88, in exchange for shares, options and some cash. Report