Here's another biotech (see, I can do it too)languishing that's...

Here's another biotech (see, I can do it too)languishing that's trading below asset value.
AnnaP

CIRCADIAN TECHNOLOGIES LIMITED 2002-11-29 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
We are pleased to advise that we have concluded agreements to provide
funding for a research project to develop a potential new treatment
for Alzheimer's disease. This new project builds on our current R&D
portfolio of six active projects.

The project, to develop an inhibitor to the p75 nerve growth factor
receptor, is based on original work carried out at the Walter & Eliza
Hall Institute (WEHI). The technology is licensed exclusively to
Circadian's wholly owned subsidiary Polychip Pharmaceuticals Pty Ltd,
with patents having been granted in Australia, the US and Singapore
and pending in Europe, Canada and Japan.

A characteristic feature of Alzheimer's disease is the decline and
death of particular nerve cells called cholinergic neurons, leading
to lowered levels of the vital chemical they produce, called
acetylcholine. The currently approved drugs for treating Alzheimer's
attempt to boost the level of acetylcholine to compensate for this
loss.

Research at WEHI has shown that in animal models, inhibition of the
p75 receptor decreases the age-related death of these nerve cells,
and also increases their size and output of acetylcholine. It has
also been shown to improve memory in these models. The role of the
p75 receptor in the death of these nerve cells has been confirmed by
other international researchers in animal models.

Our inhibitor has the potential to be more effective than current
approved drugs, which become less effective with age as the nerve
cells die.

Circadian has committed $440,000 funding over three years. We have
contracted Melbourne University to conduct this work on the
development of this inhibitor and its delivery to the central nervous
system. Circadian will manage the project.

Further details can be found on our website at www.circadian.com.au.

Circadian's unlisted shareholdings and research & development
projects now include the following:

CancerProbe Pty Ltd 30% equity Cancer diagnostics

Syngene Limited 42% In-situ hybridization patents
Oligonucleotide delivery

Other projects 86% Analgesic project (non-sedating
analgesics)

60% Yeast Mediated Reactions
(ephedrine manufacture)

60% Memory Enhancement Project (Sydney
University)

100% Alzheimer's disease - p75

CIRCADIAN'S LISTED HOLDINGS

The market value per Circadian share of Circadian's ASX listed
holdings only (including cash on hand of $17 million) at the close of
trade on 28 November 2002 was $2.08.

This does not take into account the company's unlisted holdings and
current research & development projects as detailed above.

G Kaufman
EXECUTIVE DIRECTOR

Contact:

Graeme Kaufman - EXECUTIVE DIRECTOR (03) 9826 0399