Hamilton, Bermuda--(Marketwire - December 11, 2007) -

                Celtic Pharma's principals launch two new funds

                  First Celtic Pharma fund now fully invested

New York, London, Bermuda, 11th December 2007 - Celtic Pharma, the global
private equity firm focused on the development of pharmaceuticals and biological
drugs, today announces that the firm's principals, Stephen Evans-Freke and John
Mayo CBE, are to launch two new follow-on funds targeting the pharmaceutical
industry's need for well developed products.  Celtic Pharma's first fund, Celtic
Pharmaceutical Holdings L.P., is now over 75% committed and, once new
transactions that have agreed term sheets and are in legal documentation have
been completed, will be fully invested.

In accordance with its partnership and principals' agreements, one fund, led by
Stephen Evans-Freke, will continue with the model of the first fund on a larger
scale, buying mid-stage product development programs in order to manage them
through late stage development and subsequent auction to the established
pharmaceutical and biotechnology companies. The other fund, led by John Mayo,
will take controlling stakes in biotechnology, small pharmaceutical and special
purpose companies, directing the development of key products within the acquired
portfolio through to the value inflexion point at the completion of
proof-of-principle Phase 2 clinical trials, the point at which pharmaceutical
companies wish to buy.

The principals will continue in their current roles with respect to the first
fund, as will the existing New York, London and Bermuda based management teams.
Separate, more detailed announcements will be made by each of the new funds in
due course.

Commenting on today's announcement, Stephen Evans-Freke and John Mayo said:

"In Celtic Pharma's first fund we have assembled a diverse range of projects
which are all progressing satisfactorily through clinical development and we
believe will create substantial value for our investors.  We have already begun
the exit process for some of these products which will gather pace during 2008.
Accordingly, it is now an appropriate time to be commencing the launch of new
funds - Celtic Pharma's first fund has shown that the private equity model for
pharmaceutical investment and development is highly successful and we look
forward to replicating this success in our next funds."

About Celtic Pharmaceutical Holdings L.P.

Celtic Pharmaceutical Holdings L.P. ("Celtic Pharma") is a global private equity
investment firm focused on the biotechnology and pharmaceutical industries.
Celtic Pharma was founded by Stephen Evans-Freke and John Mayo, CBE and is based
in Bermuda, with offices in New York and London.  Celtic Pharma acquires and
invests in late stage pharmaceutical programs and manages these programs through
their development to regulatory approval.  Celtic Pharma's aim is to bridge the
gap between the established pharmaceutical companies' new product pipeline
crisis and the biotech industry's capital drought.  For further information,
please visit Celtic Pharma's website at www.celticpharma.com

Please Contact With Enquiries:
Celtic Pharma                  Stephen Evans-Freke                   John Mayo
                               Tel: +1 (212) 616-4010                Tel: +44 (20) 7219-5454
                               stephen@celticpharma.com              john@celticpharma.com

Media Contacts:
FD                             US: Jonathan Birt                     UK: David Yates / Emma Thompson
                               Tel: +1 (212) 850-5634                Tel: +44 (0) 207 831 3113
                               jonathan.birt@fd.com                  david.yates@fd.com

                      This information is provided by RNS
            The company news service from the London Stock Exchange