Preliminary PI-88 Phase 2 Prostate Cancer Results to be Presented at the American Society for Clinical Oncology (ASCO) 2008 Genitourinary Cancer... (rgeted cytostaticcancer therapeutics. It...)

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Preliminary PI-88 Phase 2 Prostate Cancer Results to be Presented at the American Society for Clinical Oncology (ASCO) 2008 Genitourinary Cancer Symposium

Date:2/13/2008

rgeted cytostatic cancer therapeutics. It is a novel anti-cancer compound with a first-in-class mechanism as a heparan sulfate mimetic. Its anti-tumor activity is based on inhibition of two biological processes -- angiogenesis (the growth of new blood vessels) and metastasis (the spread of cancer to other sites) -- critical to the growth and progression of cancer.

This press release contains forward-looking statements that are based on current management expectations. These statements may differ materially from actual future events or results due to certain risks and uncertainties, including without limitation, risks associated with drug development and manufacture, risks inherent in the extensive regulatory approval process mandated by the United States Food and Drug Administration and the Australian Therapeutic Goods Administration, delays in obtaining the necessary approvals for clinical testing, patient recruitment, delays in the conduct of clinical trials, market acceptance of PI-88, PI-166 and other drugs, future capital needs, general economic conditions, and other risks and uncertainties detailed from time to time in the Company's filings with the Australian Securities Exchange and the United States Securities and Exchange Commission. Moreover, there can be no assurance that others will not independently develop similar products or processes or design around patents owned or licensed by the Company, or that patents owned or licensed by the Company will provide meaningful protection or competitive advantages.

(1) Tannock et al, 2004, N. Engl J Med, 351, 1502-12

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