H. Lundbeck and Pharmexa enter into option agreement


HORSHOLM, Denmark, Jan. 23, 2004 (PRIMEZONE) -- H. Lundbeck and Pharmexa have entered into an option agreement, whereby H. Lundbeck will invest DKK 10 million on the same terms as other shareholders in Pharmexa in the coming financing round, if Pharmexa decides to exercise the option.

In connection with H. Lundbeck's investment, the parties' existing research and license agreement will be expanded to cover a number of additional targets in the central nervous system ("CNS"). If H. Lundbeck following this decides to initiate new AutoVac(TM) projects in the CNS field, Pharmexa shall be eligible for milestone- and royalty payments for each new product developed.

The parties have agreed not to disclose additional details about the option agreement.

Hoersholm, January 23, 2004

 Soeren Mouritsen                                  Jakob Schmidt
 Chief Executive Officer                       Chief Financial Officer

 Soeren Mouritsen, telephone +45 4516 2525 
 Jakob Schmidt, telephone +45 4516 2525

About Pharmexa A/S

Pharmexa A/S (CSE: PHARMX) is a leading company in the field of active immunotherapy for the treatment of serious chronic diseases. Pharmexa's proprietary AutoVac(TM) technology platform is broadly applicable, but the company has focused its resources on a number of cancer forms and chronic inflammatory diseases, with research and development programs targeted towards breast cancer, rheumatoid arthritis and bone degeneration. Collaborative agreements include Schering-Plough, H. Lundbeck and Bavarian Nordic.

For more information please visit www.pharmexa.com