Europe backs orphan status for Progen liver drug

NEW YORK, Aug 15 (Reuters) - Progen Pharmaceuticals Ltd. (PGL.AX) said on Wednesday European regulators recommended its experimental liver-cancer drug receive orphan drug status.

The orphan drug designation for the drug, PI-88, will become effective upon adoption of the recommendation by the European Commission, expected before the end of the third quarter, Progen said.

The European orphan drug program is designed to promote the development of drugs to treat rare life-threatening or very serious conditions that affect no more than five in every 10,000 people in the European Union, the company said. The designation provides EU market exclusivity for up to 10 years in the given indication. (Reporting by Lewis Krauskopf)