Ardana Plc Release: Proposed Sale or Merger of the Company and Associated Restructuring

Edinburgh, UK, February 19, 2008: Ardana plc (LSE:ARA), the emerging pharmaceutical company focused on the discovery, development and marketing of innovative products to improve human reproductive health, today announces that it is seeking to sell or merge the Company in order that the value of its pipeline can be maximised. Piper Jaffray Ltd. has been appointed to advise the Company in connection with this process.