Claus Braestrup is Proposed as New Chairman of the Board of Directors in Pharmexa

HORSHOLM, DENMARK


HORSHOLM, Denmark, May 16, 2002 (PRIMEZONE) -- The Board of Directors in Pharmexa propose that Executive Vice President of Research and Development in H. Lundbeck, Claus Braestrup is elected new member of the Board of Directors at an Extraordinary General Meeting in August of this year, following the usual notice. The intention is that Claus Braestrup will be elected as new Chairman of the Board of Directors after Jorgen Buus Lassen as announced on May 2, 2002. Jorgen Buus Lassen will continue as regular board member

Claus Braestrup, DMSc, graduated from the University of Copenhagen; for a number of years he conducted research and served as adjunct professor of neuroscience. He has furthermore worked as a researcher and in senior positions at Ferrosan and Novo Nordisk. Before he took up his current position with H. Lundbeck A/S in 1998, Claus Braestrup served as Head of Pre-clinical Drug Development in Schering AG, Berlin in the period 1994-1998. Claus Braestrup is author of more than 125 scientific publications and is named inventor on several patents. He is Chairman of the Board of Directors in BRIC (Biotech Research and Innovation Center) as well as board member in Combio A/S and Hormos Medical Corporation.

Soren Mouritsen, CEO in Pharmexa said: "We are both happy and proud that Claus Braestrup has accepted to be nominated for Pharmexa's Board of Directors with a view to becoming our new Chairman. Claus is truly an international capacity within commercial drug development and we could not have wished for a better candidate. Pharmexa will benefit from his great experience and expertise within drug development and his extensive international contacts."

To the editors:

Pharmexa A/S (CSE: PHARMX) is a leading company in the field of therapeutic vaccines for the treatment of serious chronic diseases. Pharmexa's proprietary AutoVac(TM)rmaccine technology platform is broadly applicable, but the company has focused its resources on a number of cancer forms and chronic inflammatory diseases. Pharmexa'sresearch and development programs are targeted towards breast cancer, asthma, bone degeneration, allergy and neurodegenerative diseases. The Pharmexa Group has entered into collaborative agreements with Lexigen/Merck KGaA, Ferring, Schering-Plough, H. Lundbeck, NeuroSearch, GlaxoSmithKline, Zycos, Epimmune and AstraZeneca. The Group has 153 employees. More information on Pharmexa can be found on www.pharmexa.com.



        

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