govt grant

Solbec Pharmaceuticals (SBP) today announced that it has secured
funding from the Federal Government's Biotechnology Innovation Fund
to develop research on its lead anti-cancer drug SBP002.

SBP002, a novel glycoalkaloid has, in numerous tests, indicated
powerful properties in fighting many cancers including malignant
mesothelioma (MM), a cancer for which no effective treatment is
currently available.

Stephen Carter, Managing Director of Solbec Pharmaceuticals says:

'Most cancer therapies seek either to eliminate tumours, or provide
some form of immunisation. All our early data shows that SBP002 may
succeed at both, while protecting patients from the side-effects
usually associated with cancer treatment. This funding will enable us
to advance our knowledge on the ability of SBP002 to prime the immune
system with the support of our colleagues at the University of
Western Australia

Solbec Pharmaceuticals' science team is led by Dr Richard Lake,
Research Fellow and Adjunct Senior Lecturer at University of Western
Australia (UWA). Professor Bruce Robinson, Professor of Medicine at
UWA is providing substantial intellectual input into the project.

The Biotechnology Innovation Fund will fund half the $393,768
project. Trial results are expected in September 2004.

For more information please contact:

Stephen Carter 08 9446 7555
MANAGING DIRECTOR, Solbec Pharmaceuticals 0412 154 029

David Michie 08 9381 4494
MEDIA RELATIONS 0411 453 404