Release issued 17th December 2001

Pharmexa has signed an agreement with Lexigen Pharmaceuticals Corp., USA (a subsidiary of Merck KGaA, Darmstadt, Germany). Under the agreement, Lexigen will have a one-year, exclusive option to acquire an exclusive license to a therapeutic cancer vaccine (pharmaccine) based on Pharmexa's proprietary AutoVac technology.

The agreement covers one cancer target, which the parties have agreed not to disclose. The target is a self-protein known to be involved in specific cancers. Lexigen and Pharmexa believe that active vaccination against this protein may have beneficial effects for treatment of certain forms of cancers.

If Lexigen exercises its option to acquire an exclusive license, it or an affiliate which enters into the license will be responsible for any further clinical development, large-scale manufacturing and worldwide commercialization of resulting products for the treatment of cancer.

Lexigen has paid Pharmexa a small signing fee to enter into the agreement. If Lexigen decides to exercise its option to acquire an exclusive license, Pharmexa expects to receive further upfront- and milestone payments as well as royalties on sales of marketed products under such license terms.

Dr. Søren Mouritsen, CEO of Pharmexa says: "Lexigen is an ideal potential licensee for Pharmexa because of their demonstrated commitment and expertise in the oncology and immunotherapy field. At the same time this agreement confirms the potential for the AutoVac technology in the cancer field."

(14th December 2001) Pharmexa subsidiary Inoxell announces achievement of first milestone in a collaboration with AstraZeneca

(12th October 2001) AutoVac therapeutic vaccination may be an entirely new way to combat bone destruction

(9th July 2001) Pharmexa initiates phase I/II trials in breast cancer in Denmark