Progen Pharmaceuticals disappointed its investors with news this morning that its experimental therapy, PI-88, failed a mid-stage trial for lung cancer. The trial, which combined the experimental drug with docetaxel chemotherapy, failed to hit its primary endpoint of progression-free survival rate as well as two secondary endpoints for overall survival rate and quality of life. Researchers stopped the trial, but the company held out the possibility that the drug could be developed as a secondary therapy for patients who had tried docetaxel chemotherapy. And a late-stage trial of PI-88 for liver cancer is slated to begin later this year. The Australian developer did have some good news today, noting that the FDA had put PI-88 on its fast track.