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Phosphagenics Initiates U.S. Clinical Trials for Its Topical Retinoic Acid
Date:2/19/2008

to assist in the production of drug delivery platforms.

Phosphagenics' shares are listed on the Australian Stock Exchange (POH) and the London Stock Exchange's Alternative Investment Market (PSG). An ADR - Level 1 program was established in the U.S. with The Bank of New York Mellon (PPGNY) for U.S. investors to trade in Phosphagenics' stock on the 'over-the-counter' market. In July 2007, this was upgraded to the International OTCQX, a new premium market tier in the U.S. for international exchange-listed companies, operated by Pink Sheets, LLC.

For more information, please visit Phosphagenics' web site at http://www.phosphagenics.com

Safe Harbor Statement

This press release contains forward-looking statements based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialise, actual results could vary materially from the Phosphagenics' expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations.

Company Contact Details: U.S. Investor and Media Contacts:

Harry Rosen Brian Ritchie

Phosphagenics Limited Financial Dynamics

President and CEO Tel +1 212 850 5683

Tel +61 3 9605 5900

Mary McSwiggan

Phosphagenics Limited

Investor Relations Manager

Tel +61 3 9605 5907


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SOURCE Phosphagenics Limited
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