in pre-open, page-3

METABOLIC PHARMACEUTICALS LIMITED 2003-02-27 ASX-SIGNAL-G

HOMEX - Melbourne

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ASX MARKET RELEASE

The securities of Metabolic Pharmaceuticals Limited (the "Company")
will be placed in pre-open at the request of the Company, pending the
release of an announcement by the Company. Unless ASX decides
otherwise, the securities will remain in pre-open until the earlier
of the commencement of normal trading on Monday, 3 March 2003 or when
the announcement is released to the market.

Security Code: MBP
MBPO


K Kidson
SENIOR COMPANIES ADVISER


TRADING HALT REQUEST

We would like to request a halt in the trading of the securities of
Metabolic Pharmaceuticals Limited pending release of a significant
announcement by the company. This announcement will be in relation to
the release of the results of the company's recent human Phase 2A
multiple-dose oral safety trial.

We expect to make this announcement before the commencement of
trading on Monday, 3 March 2003.

Security codes: MHP and MBPO.


D Kenley
COMPANY SECRETARY