Document:

Exhibit
4.3

FORM OF SUBSCRIPTION CERTIFICATE

THE TERMS
AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN

THE COMPANY’S PRELIMINARY PROSPECTUS SUPPLEMENT DATED MAY 10, 2007 (THE

“PROSPECTUS”) AND ARE  INCORPORATED
HEREIN BY REFERENCE.

COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM

COMPUTERSHARE TRUST COMPANY, N.A. AS THE SUBSCRIPTION AGENT.

STOCKHOLDER NAME AND ADDRESS:

«Shareholder_Name»

«Street_Address_1»

«Street_Address_2»

«City»,
«State»  «Zip»

CERTIFICATE NO.: «Cert_»                                                           CERTIFICATE
FOR «Shares» RIGHTS

PROGEN PHARAMACEUTICALS LIMITED

INCORPORATED UNDER THE LAWS OF AUSTRALIA

SUBSCRIPTION
CERTIFICATE

EVIDENCING
«shares» NONTRANSFERABLE SUBSCRIPTION RIGHTS TO PURCHASE

________ SHARES OF THE ORDINARY SHARES OF PROGEN PHARMACEUTICALS LIMITED

SUBSCRIPTION
PRICE: US$4.75 PER SHARE

VOID IF
NOT EXERCISED BEFORE THE EXPIRATION DATE

(AS DEFINED IN THE PROSPECTUS)

REGISTERED OWNER:

THIS
CERTIFIES THAT the registered owner whose name is inscribed
herein is the owner of the number of Subscription Rights set forth above, each
of which entitles the owner to subscribe for and purchase one ordinary share
(the “Ordinary Shares”), of, Progen Pharmaceuticals Limited, an  Australian corporation (the “Company”), on
the terms and subject to the conditions set forth in the Company’s Preliminary
Prospectus Supplement dated May 10, 2007, and instructions relating thereto on
the reverse side hereof. The Subscription Rights represented by this
Subscription Certificate may be exercised by duly completing Section 1 on the reverse
side hereof. Special issuance or delivery instructions may be specified by
completing Section 2 on the reverse side hereof.

Upon exercise
hereof, the registered owner will also receive a Warrant  to purchase from the Company one share of
Company Ordinary Shares for every two Shares acquired pursuant to this
Subscription Certificate, at the US dollar equivalent of AUD$8.40 per Share,
calculated at the average interbank exchange rate in effect on the date of
exercise (“Exercise Price”).

SUCH
SUBSCRIPTION RIGHTS MAY NOT BE EXERCISED UNLESS THE REVERSE SIDE HEREOF IS
COMPLETED AND SIGNED.

Dated:  May 21, 2007

 

 

	
  

  	
   

  	
   

  
	
  Chairman

  	
   

  	
  Company Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Countersigned
  By:

  
	
   

  	
   

  	
  Computershare
  Trust Company, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

SECTION 1
- EXERCISE AND SUBSCRIPTION

SUBSCRIPTION

The undersigned
irrevocably exercises Subscription Rights to subscribe for shares of the
Company’s Ordinary Shares, as indicated below, on the terms and subject to the
conditions specified in the Company’s Preliminary Prospectus Supplement dated
May 10, 2007, relating to the offering of such Subscription Rights, receipt of
which is hereby acknowledged.

(a)                                  Number of shares of the Company’s Common
Stock subscribed for pursuant to the Subscription Privilege: ______________________

(b)                                 Total Subscription Price (total number of
shares subscribed for pursuant to the Subscription Privilege multiplied by the
Subscription Price of US$4.75 per share): $___________________.

METHOD OF PAYMENT (CHECK ONE)

o                        Uncertified
personal check, payable to Computershare Trust Company, N.A., as Subscription
Agent for Progen Pharmaceuticals Limited  Please note that funds paid by uncertified
personal check may take at least five business days to clear.  Accordingly, subscription rights holders who wish
to pay the purchase price by means of an uncertified personal check are urged
to make payment sufficiently in advance of the expiration date to ensure that
such payment is received and clears by the expiration date, and are urged to
consider payment by means of a certified or bank check, money order or wire
transfer of immediately available funds.

o                        Certified
check or bank check drawn on a U.S. bank or money order, payable to
Computershare Trust Company, N.A.., as Subscription Agent for Progen Pharmaceuticals
Limited

o                        Wire
transfer directed to the account maintained by Computershare Trust Company,
N.A. at:

	
   

  	
  Colorado Business Bank

  
	
   

  	
  15710 W. Colfax Avenue

  
	
   

  	
  Golden, Colorado 80401

  
	
   

  	
  (303) 293-2265

  
	
   

  	
  ABA# 102003206

  
	
   

  	
  Credit Account # 3055035

  
	
   

  	
  Account Name:

  	
  Computershare Trust Company, N.A.

  
	
   

  	
   

  	
  Warrant Escrow Account

  

 

If the amount enclosed or
transmitted is not sufficient to pay the purchase price for all shares of
Ordinary Shares that are stated to be subscribed for, or if the number of  shares of Ordinary Shares being subscribed
for is not specified, the number of ordinary shares of Ordinary Shares
subscribed for will be assumed to be the maximum number that could be
subscribed for upon payment of such amount. 
If the amount enclosed or transmitted exceeds the purchase price for all
ordinary shares of Ordinary Shares that the undersigned has the right to
subscribe for under the Subscription Privilege (such excess amount, the “Subscription
Excess”), the Subscription Agent shall return the Subscription Excess to the
subscriber without interest or deduction.

 

DELIVERY INSTRUCTIONS

Upon completion of this Subscription, please deliver
it along with payment to:

	
  If by Mail:

  	
   

  	
  Computershare Trust Company, N.A.

  
	
   

  	
   

  	
  P.O. Box 1596

  
	
   

  	
   

  	
  Denver, Colorado
  80201-1596

  
	
   

  	
   

  	
   

  
	
  If by Overnight
  Delivery:

  	
   

  	
  Computershare Trust Company, N.A.

  
	
   

  	
   

  	
  350 Indiana
  Street

  
	
   

  	
   

  	
  Golden, Colorado
  80401

  

 

SECTION 2 — SPECIAL ISSUANCE OR
DELIVERY INSTRUCTIONS FOR

SUBSCRIPTION RIGHTS HOLDERS:

To be completed ONLY if certificate representing the Ordinary Shares is
to be issued in a name other than that of the registered holder or is to be
sent to an address other than that shown above. 
(See the Instructions included with this Rights Certificate.)  Do not forget to complete
the guarantee of signature(s) section below.

Please issue the
certificate representing the Ordinary Shares in the following name and /or
deliver to the following address:

Name:                                                                                                     Soc. Sec. #/Tax ID #:                                                       

Address:                                                                                                                                                                                            

                                                                                                                                                                                            

 

ACKNOWLEDGMENT — THE SUBSCRIPTION
ORDER FORM

IS NOT VALID UNLESS YOU SIGN BELOW

I / We acknowledge
receipt of the Prospectus and understand that after delivery of this
Subscription Certificate to the Company’s Subscription Agent, I / we may not
modify or revoke this Subscription Certificate. Under penalties of perjury, I /
we certify that the information contained herein, including the social security
number or taxpayer identification number given above, is correct. If the
Special Issuance or Delivery Instructions for Subscription Rights Holders are
completed, I / we certify that although the certificate representing the
Ordinary Shares is to be issued in a name other than the registered holder,
beneficial ownership of the Ordinary Shares will not change.

The signature below must
correspond with the name of the registered holder exactly as it appears on the
books of the Company’s transfer agent without any alteration or change
whatsoever.

Subscriber’s
Signature(s):                                                                                                    Date:                                                 

                                                                                                  Date:                                                 

If signature is by trustee(s), executor(s),
administrator(s), guardian(s), attorney(s)-in-fact, agent(s), officer(s) of a
corporation or another acting in a fiduciary or representative capacity, please
provide the following information (please print).  (See the Instructions included with this Rights
Certificate.)

Name:                                                                             Capacity:                                                                                                   

Address:                                                                                                                        Phone:                                                        

                                                                                                                        Soc. Sec. # or Tax ID #:                           

GUARANTEE
OF SIGNATURE(S)

All Subscription Rights Holders who specify special
issuance or delivery instructions must have their signatures guaranteed by an
Eligible Institution, as defined in Rule 17Ad-15 of the Securities Exchange Act
of 1934, as amended.  (See the
Instructions.)

Signature Guaranteed by:
_________________________________________________

Eligible
InstitutionExhibit 4.4

EXHIBIT A

FORM OF WARRANT
CERTIFICATE

[Face of Warrant
Certificate]

EXERCISABLE ONLY IF
COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN

VOID AFTER 5 P.M., NEW
YORK CITY TIME, ON  MAY 28, 2010                       ,

PROGEN PHARMACEUTICALS
LIMITED

WARRANT CERTIFICATE
REPRESENTING

WARRANTS TO PURCHASE

ORDINARY SHARES

No.                                    
Warrants
                                
CUSIP No.                                     

This certifies that                            
or registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such owner to purchase, at any time   on or before 5 p.m., New York City time, on
May 28, 2010,                            
shares of Ordinary Shares (the “Warrant Securities”), of Progen Pharmaceuticals
Limited (the “Company”) on the following basis: during the period from the date
hereof through and including   May 28,
2010, the exercise price per Warrant Security will be the US dollar equivalent
of AUD$ 8.40, converted into US dollars at the average interbank exchange rate
in effect on the date of exercise, subject to adjustment as provided in the
Warrant Agreement (as hereinafter defined) (the “Warrant Price”). The Holder
may exercise the Warrants evidenced hereby by providing certain information set
forth on the back hereof and by paying in full, in lawful money of the United
States of America, in cash or by certified check or official bank check in New
York Clearing House funds or by bank wire transfer in immediately available
funds, the Warrant Price for each Warrant Security with respect to which this
Warrant is exercised to the Warrant Agent (as hereinafter defined) and by
surrendering this Warrant Certificate, with the purchase form on the back
hereof duly executed, at the corporate trust office of Computershare Trust
Company, N.A., or its

 

 

successor as warrant
agent (the “Warrant Agent”), which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter
defined).

The term “Holder” as used
herein shall mean the person in whose name at the time this Warrant Certificate
shall be registered upon the books to be maintained by the Warrant Agent for
that purpose pursuant to Section 5 of the Warrant Agreement.

The Warrants evidenced by
this Warrant Certificate may be exercised to purchase a whole number of Warrant
Securities in registered form. Upon any exercise of fewer than all of the
Warrants evidenced by this Warrant Certificate, there shall be issued to the
Holder hereof a new Warrant Certificate evidencing Warrants for the number of
Warrant Securities remaining unexercised.

This Warrant Certificate
is issued under and in accordance with the Warrant Agent Agreement dated as
of  May 15, 2007 (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions
the Holder of this Warrant Certificate consents by acceptance hereof. Copies of
the Warrant Agreement are on file at the above-mentioned office of the Warrant
Agent.

Transfer of this Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent by the registered owner or such
owner’s assigns, in the manner and subject to the limitations provided in the
Warrant Agreement.

After countersignature by
the Warrant Agent and prior to the expiration of this Warrant Certificate, this
Warrant Certificate may be exchanged at the corporate trust office of the
Warrant Agent for Warrant Certificates representing Warrants for the same
aggregate number of Warrant Securities.

This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the
Warrant Securities, including, without limitation, the right to receive
payments of dividends or distributions, if any, on the Warrant Securities
(except to the extent set forth in the Warrant Agreement) or to exercise any
voting rights.

Reference is hereby made
to the further provisions of this Warrant Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

 A-2
 

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until countersigned by the
Warrant Agent.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
in its name and on its behalf by the facsimile signatures of its duly
authorized officers.

 

	
  Dated:

  
	
   

  	
  PROGEN
  PHARMACEUTICALS LIMITED

  
	
   

  
	
   

  	
  By

  
	
   

  
	
   

  	
  Its

  
	
   

  
	
   

  
	
  Attest:

  
	
   

  
	
   

  
	
   

  
	
  As Warrant Agent

  
	
   

  
	
   

  
	
  By

  
	
   

  	
  Authorized
  Signature

  

 

 

 A-3

 

 

[REVERSE OF WARRANT
CERTIFICATE]

(Instructions for
Exercise of Warrant)

To exercise any Warrants
evidenced hereby for Warrant Securities (as hereinafter defined), the Holder
must pay, in lawful money of the United States of America, in cash or by
certified check or official bank check in New York Clearing House funds or by
bank wire transfer in immediately available funds, the Warrant Price in full
for Warrants exercised, to Computershare Trust Company, N.A., which payment
must specify the name of the Holder and the number of Warrants exercised by
such Holder. In addition, the Holder must complete the information required
below and present this Warrant Certificate in person or by mail (certified or
registered mail is recommended) to the Warrant Agent at the appropriate address
set forth above. This Warrant Certificate, completed and duly executed, must be
received by the Warrant Agent within five business days of the payment.

(To be executed upon
exercise of Warrants)

The undersigned hereby
irrevocably elects to exercise                        
Warrants, evidenced by this Warrant Certificate, to purchase                        
shares of the Ordinary Shares (the “Warrant Securities”), of Progen
Pharmaceuticals Limited and represents that he has tendered payment for such
Warrant Securities, in lawful money of the United States of America, in cash or
by certified check or official bank check in New York Clearing House funds or
by bank wire transfer in immediately available funds, to the order of Progen
Pharmaceuticals Limited, c/o Computershare Trust Company, N.A., in the amount
of $                       
in accordance with the terms hereof. The undersigned requests that said Warrant
Securities be in fully registered form in the authorized denominations, registered
in such names and the Statement of Holdings delivered all as specified in
accordance with the instructions set forth below

OR

DWAC the shares to: 

	
  

  	
   

  
	
   

  	
  DTC#

  
	
   

  	
   

  
	
   

  	
  Account #

  
	
   

  	
   

  
	
   

  	
  Reference#

  

 

 A-4
 

 

If the number of Warrants exercised is less than all of the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate
evidencing the Warrants for the number of Warrant Securities remaining
unexercised be issued and delivered to the undersigned unless otherwise specified
in the instructions below.

 

	
  Dated

  	
  Name

  
	
   

  
	
   

  	
  (Please Print)

  	
   

  
	
   

  	
  Address

  	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  	
  (Insert Social Security or Other Identifying Number
  of Holder)

  
	
   

  
	
   

  
	
  Signature Guaranteed

  
	
   

  	
  Signature

  
	
   

  
	
   

  
	
   

  	
  (Signature must conform in all respects to name of
  holder as

  
	
   

  
	
   

  	
  specified on the face of this Warrant Certificate
  and must bear a

  
	
   

  
	
   

  	
  signature guarantee by a bank, trust company or
  member broker

  
	
   

  
	
   

  	
  of the New York, Midwest or Pacific Stock Exchange)

  
				

 

 

This Warrant may be exercised at the following addresses:

 

 

 A-5
 

 

 

By hand or overnight
courier at:

Computershare Trust Company, N.A.

350 Indiana Street

Golden, Colorado 80401

By mail at:

Computershare Trust Company, N.A.

P.O. Box 1596

Denver, Colorado
80201-1596

[Instructions as to form and
delivery of Warrant Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Securities remaining unexercised
— complete as appropriate.]

 

 A-6
 

 

ASSIGNMENT

[Form of assignment to be
executed if Warrant Holder desires to transfer Warrant)

FOR VALUE RECEIVED,                                
hereby sells, assigns and transfers unto:

(Please print name and address including zip code)

Please insert Social Security or other identifying number

the right represented by the within Warrant to purchase                              
shares of Ordinary Shares of Progen Pharmaceuticals Limited to which the within
Warrant relates and appoints                              
attorney to transfer such right on the books of the Warrant Agent with full
power of substitution in the premises.

 

	
  Dated

  
	
   

  
	
   

  	
  Signature

  
	
   

  
	
   

  
	
   

  	
  (Signature must
  conform in all respects to

  
	
   

  
	
   

  	
  name of holder
  as specified on the face of the Warrant)

  
	
   

  
	
   

  
	
  Signature
  Guaranteed

  

 

 

 A-7

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