Pharmexa A/S: Interim Report for the First 6 Months of the Financial Year 2002


HORSHOLM, Denmark, Aug. 21, 2002 (PRIMEZONE) -- The Pharmexa Group had turnover of kDKK 8,123 in the first 6 months of 2002 and realized a net loss of kDKK 75,519. Research and Development costs totaled kDKK 78,977. Pharmexa A/S had total research and development costs of kDKK 66,558 and obtained a net loss of kDKK 68,173 exclusive of the result from the subsidiary Inoxell. The result for the first 6 months was as expected, and the company's expectations for the year as a whole remain unchanged.

A summary of significant announcements since the release of the company's last interim report on May 23, 2002 is set out below:

On June 6 Pharmexa announced progress in the clinical trial with the company's AutoVac(TM) HER2 DNA pharmaccine for breast cancer. The preliminary data from the first two dosage levels show that Pharmexa's therapeutic vaccine is safe and well tolerated by the patients. An analysis of immune response has so far only been conducted for the first dosage level, but the preliminary results show immune responses in some patients even at this low dosage level.

Furthermore, an important milestone in this project was achieved on July 30. On this date the enrollment of patients into the phase I/II trial was completed and the last patient received her first vaccination this day. The results from the trial are planned for release before the end of the year.

On June 24, Pharmexa's 83.33% owned subsidiary Inoxell A/S and Rigel Pharmaceuticals, Inc. announced that they have entered a global patent settlement concerning certain drug target identification technologies. The agreement involves both crosslicensing and joint ownership to certain patents and allows for worldwide freedom of operation for both companies. Under the terms of the agreement, Rigel awarded Inoxell a non-exclusive license to a number of additional patents relevant for the drug target identification process. Also in connection with the settlement, a collaboration agreement has been signed concerning certain aspects of the technology. The financial terms of the settlement were not disclosed. The process of clarifying Inoxell's ownership and financial situation in the longer term is still ongoing.

The remaining of the company's collaborations and projects are likewise developing satisfactory and as planned.

In the near future Pharmexa will in a separate release review its first two years as a listed company and summarize the company's strategy onwards.

Hoersholm, August 21, 2002

Soeren Mouritsen Chief Executive Officer

Additional information:
Soeren Mouritsen, Chief Executive Officer, telephone 45 4516 2525

Jakob Schmidt, chief financial officer, telephone 45 4516 2525

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