Pharmexa Group: Annual Report 2001 (with link)


HORSHOLM, Denmark, March 15, 2002 (PRIMEZONE) -- Pharmexa Group's Board of Directors, in a meeting today, approved the audited financial statements for the financial year 2001.

The Pharmexa Group reported a loss for the financial year 2001 of TDKK 86,192 which was as expected. Research and development costs for the Group were slightly higher than expected. Turnover on the other hand, increased to TDKK 19.913, which was somewhat above expectations, as a result of revenue realized in connection with the subsidiary Inoxell's collaboration with AstraZeneca.

2001 was a year with important results for Pharmexa. The most significant events during the year were:

Name change from M&E Biotech A/S to Pharmexa A/S

Launch of Pharmexa's new homepage

Spin-off of the CellScreen(tm) technology into Inoxell, Pharmexa's 83.3% owned drug discovery, drug development and target identification subsidiary

The HER-2 DNA breast cancer program entered clinical development in Denmark and the United Kingdom

In-licensing of a vector-cell production system from GlaxoSmithKline.

In-licensing of Epimmune's PADRE(r) epitope technology.

Announcement of important research results in the asthma and osteoporosis programs

An Agreement with Lexigen/Merck KGaA regarding an undisclosed cancer target

Inoxell achieved first milestone in the collaboration with AstraZeneca

Employment of additional 47 highly qualified employees in the Group.

The Company's printed Annual Report is expected mid April 2002.

This press release has been translated into the Danish language. In the event of discrepancies the English version shall prevail.

The full text report with financial tables can be found at the following URL: