ING Initiates Coverage on Pharmexa with a Buy Recommendation

HORSHOLM, DENMARK


HOERSHOLM, Denmark, Oct. 2, 2002 (PRIMEZONE) -- Pharmexa A/S (Copenhagen:PHARMX) today announced that ING Financial Markets has initiated coverage of its stock. The research report, published today, rates Pharmexa as a "Buy" with a fair value of DKK 196. The Company will be covered by ING's European biotech/healthcare team in London, made up of Richard Parkes, Sally Bennett and Max Herrmann.

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

Please contact Noonan Russo Presence for further information on 44.20.7726 4452.


 Pharmexa A/S 
 Soeren Mouritsen, Chief Executive Officer
 45 2145 6244

 Jakob Schmidt, Chief Financial Officer
 45 4516 2525
 
 Noonan Russo Presence Euro RSCG
 Veronica Cefis Sellar, Senior Account Manager
 44 20 7726 4452
 v.sellar@nrpeuro.com