12/01/2005

Pharminox agrees broader application for Quinols licence from CRT

Oxford, 12 January 2005 - Pharminox Ltd (“Pharminox” or “the Company”), the private UK oncology company, today announced that is has signed an amendment to its December 2003 agreement with Cancer Research Technology Ltd (CRT), the technology transfer company of the charity Cancer Research UK, under which it previously licensed exclusive worldwide rights to a novel research programme focused on cyclohexadienone-based small molecules (“Quinols”) in the field of cancer. Under the amended terms, Pharminox has secured exclusive worldwide rights to the Quinols programme for all clinical indications. Financial terms of the amendment were not disclosed.

The amendment follows an unexpected finding by the Company that the Quinols class of compounds may have utility in the treatment of tuberculosis and also potentially clinical inflammatory conditions. A number of compounds from the programme have been screened by the US TAACF (Tuberculosis Antimicrobial Acquisition and Coordination Facility) on behalf of Pharminox and exhibited potent activity against the tuberculosis bacterium in laboratory tests. In separate laboratory tests carried out at Imperial College in London, compounds from the programme also showed marked anti-inflammatory activity.

Commenting on today’s announcement, Peter Worrall, Chief Executive of Pharminox, said, “The finding that this programme may have utility in the treatment of tuberculosis in particular is intriguing. TB is endemic in many third world countries but in recent years it has been rapidly re-establishing itself in more developed countries. The growth in multi-drug resistant forms of the disease is particularly worrying. There is an urgent need for new, effective and affordable drugs for the treatment of this life-threatening disease. We will now be actively looking for potential partners to join us in a research collaboration to identify and bring forward a development candidate to take into clinical studies in tuberculosis.”

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