STE-FOY, QUEBEC--(CCNMatthews - Dec. 23, 2005) - 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 has entered into a letter agreement with one of its existing shareholders for a private placement of $1,250,000 in common shares at a price of $0.34 per share. The investment is subject to the completion of a total private placement of $4M of common shares and other customary conditions, including satisfactory due diligence and applicable regulatory approvals, by February 6, 2006. Since the investing shareholder is an insider, this press release serves as a price reservation within the requirements of the TSX Venture Exchange.
