PRESS RELEASE: EvoGenix to Commence Second Project with GlaxoSmithKline

EvoGenix to Commence Second Project with GlaxoSmithKline
SYDNEY, Australia, August 16, 2007 -- EvoGenix Limited announced today that it has entered into a second project with GlaxoSmithKline (GSK) under the terms of a Research and Collaboration Agreement executed between the two companies in October 2005.

Successful completion of the first project by EvoGenix was confirmed by GSK and announced in March this year.

In the second project EvoGenix will apply its proprietary EvoGene(TM) technology to the optimisation of a further protein selected from the GSK product pipeline.

Under the terms of the non-exclusive agreement, EvoGenix receives research funding for up to 3 optimisation projects to be performed for GSK. EvoGenix in return will receive milestone payments upon successful achievement of project goals and the advancement of the resultant products through preclinical and clinical development. GSK will conduct any further development and subsequent commercialisation of the products with EvoGenix receiving royalties on sales of any marketed products resulting from the collaboration.

In announcing the commencement of a second project under the agreement, EvoGenix welcomed this validation of its technology and of its productive relationship with GSK.

EvoGenix is employing its protein engineering technologies in developing a series of valuable protein therapeutics both internally, with a particular focus on antibody-based drugs and also in collaboration with companies such as GlaxoSmithKline, CSL Limited and Vegenics Limited.

On August 9, 2007 EvoGenix shareholders voted in favour of a merger proposal from Australian biotechnology company Peptech Limited. Subject to court approval, the merger will take effect from the end of August.

About EvoGenix

EvoGenix Limited has established leading technologies for creating high value antibody and protein-based therapeutics. The company exploits its capabilities through technology collaborations with partner companies, and by development in-house of a succession of wholly-owned antibody and protein products.

EvoGenix is progressively building company value by assembling a portfolio of revenues from technology collaborations using its unique technology capabilities. Multi project collaborations with GlaxoSmithKline and Australia's CSL Limited have been announced in the past 24 months as well as a more recent single product agreement with Circadian Technologies-backed biotechnology company, Vegenics Limited.