Pharminox secures option extension on Phortress

Oxford, 24 January 2005 - Pharminox Ltd (“Pharminox” or “the Company”), the private UK oncology R&D company, today announced that is has signed an amendment to its July 2004 agreement with Cancer Research Technology Ltd (CRT), the technology transfer company of the charity Cancer Research UK, covering the clinical Phase I cancer drug Phortress. The amendment extends by twelve months, to July 2006, the expiry date for the Company’s option to license exclusive worldwide rights to Phortress and related compounds from the Phortress research programme.

Phortress, whose mechanism of action is distinct from all other classes of cancer chemotherapeutic agents currently available, was discovered by Professor Malcolm Stevens and his group based at Nottingham University. Preclinical research studies have shown that Phortress is active in vivo against human breast, ovarian and colon cancer xenografts. A Cancer Research UK sponsored Phase I trial to determine the maximum tolerated dose and initial clinical profile of Phortress is currently underway under the direction of Professor Hilary Calvert at the Northern Centre for Cancer Treatment in Newcastle.

Peter Worrall, Chief Executive of Pharminox commented, “The current Phase I study with Phortress, which is being funded by Cancer Research UK, is unlikely to end before our option was originally due to expire. This extension will allow Pharminox the opportunity to review the full clinical data package from this study, as well as data from other ongoing preclinical studies, before deciding whether or not to exercise its option.”

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