STE-FOY, QUEBEC--(Marketwire - January 17, 2008) - Bioxel Pharma Inc. ("Bioxel" or the "Corporation") (TSX VENTURE: BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announces that it has reached an agreement with Investissement Quebec with respect to certain loans in place. First, Investissement Quebec has agreed to a moratorium on the payment of approximately $130,000 of interest payable from January 1, 2008 to December 31, 2008 on the loan made by Investissement Quebec under the "BioLevier" program, which will be capitalized. Second, Investissement Quebec has agreed to a one year extension of its loan guarantee on a term loan made to Bioxel by its banker for the purchase of equipment to match the one year extension of such loan to June 2010, and a moratorium on the capital reimbursement of such loan for the period between January 1, 2008 and June 30, 2010, which represents a cash saving of approximately $385,000 for the Corporation. In consideration for this, the Corporation has issued to Investissement Quebec a total of 1,030,165 warrants to purchase an equivalent number of common shares at a price of $0.16 per share for a period of two years.
