Bioxel Pharma Seeks to Reprice Warrants Issued in November 2007

Published: Sep 10, 2008

QUEBEC CITY, QUEBEC--(Marketwire - September 10, 2008) - Bioxel Pharma Inc. (TSX VENTURE: BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it is requesting the repricing of the exercise price of 25,993,750 warrants to $0.10 per common share from the initial exercise price of $0.16 and the extension of the expiry date to November 21, 2010 from November 21, 2009. The warrants were issued as part of the private placement by Bioxel on November 21, 2007 of convertible Debentures due 2014. Such repricing is subject to the approval of the TSX Venture Exchange and the warrantholders. Proceeds from any exercise of warrants will be used to continue funding the implementation of its commercial scale manufacturing capabilities for semi-synthetic docetaxel, for R&D and for working capital purposes.

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