Pharmexa A/S (PHARMX.CO) To Acquire GemVax AS And Launch Rights Issue To Finance Two Large Phase III Trials In Pancreatic Cancer 
10/19/2005 5:13:15 PM

HOERSHOLM, Denmark, April 12 /PRNewswire/ --

  * Pharmexa has entered into an agreement to acquire GemVax AS, a
    private Norwegian biotech company focusing on cancer vaccines
  * The purchase price will be paid in newly issued Pharmexa shares and
    by issuance of a convertible debt instrument
  * To finance the combined product pipeline of the two companies,
    including two large phase III studies in pancreatic cancer,
    Pharmexa intends to launch a rights issue with minimum proceeds of DKK
    150 million and maximum proceeds of approximately DKK 320 million.
  * The acquisition of GemVax and the rights issue are subject to approval
    of Pharmexa's shareholders at the annual general meeting on 29 April

  Important notice:

This is not the complete press release. To view the complete press release, please see enclosed PDF-file. Horsholm, 12 April 2005 Jakob Schmidt Chief Executive Officer Additional information: Jakob Schmidt, Chief Executive Officer, telephone +45 4516 2525

Pharmexa A/S

CONTACT: Jakob Schmidt, Chief Executive Officer of Pharmexa A/S,+45-4516-2525