The share price of Queensland biotech company Progen Industries has almost tripled in less than six months following promising Phase II clinical trial results for its lead cancer compound and the expectation of more good news in the near future.

Brisbane cancer drug developer Progen Industries (ASX:PGL) managing director Lewis Lee has resigned, and the company has named his replacement -- one-time Monsanto executive Justus Homburg.

Australian biotech stocks underperformed both the All Ordinaries and the Nasdaq Biotech Index in 2005, but the second half of the year was brighter with stocks gaining 23.2 per cent, according to the Intersuisse Biotechnology Index.

Brisbane cancer drug developer Progen Industries (ASX:PGL) has reported a strong cash position of AUD$23.43 million, up 64 per cent on last year for the year ended 30 June 2005, as it continues to trial its lead anti-cancer compound.

In the wake of its annual Australian Biotechnology Expo, held earlier this week in Sydney, EG Capital executive director Alison Coutts is optimistic that the Australian biotech sector is on the way back up.

Brisbane cancer drug developer Progen Industries (ASX:PGL, NASDAQ:PGLAF) will expand its phase II clinical trial program into prostate cancer to assess the efficacy and safety of its PI-88 angiogenesis inhibitor in combination with Sanofi-Aventis' chemotherapy agent Taxotere (docetaxel).

Selwyn Snell has resigned as the CEO and a director of BioProspect (ASX:BPO), after three years with the company.

Melbourne and California-based ChemGenex Pharmaceuticals (ASX:CXS) has been awarded two linkage project grants worth AUD$525,000 in cash from the Australian Research Council (ARC) over the next three years.

Brisbane cancer-drug developer Progen Industries (ASX:PGL, NASDAQ:PGLAF) has been offered and intends to accept a AUD$3.39 million AusIndustry "Commercial Ready" grant for further development of the company's drug discovery program over the next three years.

Brisbane cancer-drug developer Progen Industries (ASX:PGL, NASDAQ:PGLAF) has appointed San Francisco's Burrill and Co as matchmaker to sift its crammed dance card for a partner to take its promising angiogenesis inhibitor PI-88 to the market.

CSL (ASX:CSL) will be conducting a further on-market buyback of up to 8 million shares during a 12-month period commencing July 12.