Apollo Life Sciences Successfully Completes Data Collection for Phase 1b Psoriasis trial

Monday, 23rd January, 2006: Apollo Life Sciences (ASX: AOP) today announced the completion of data collection in its Phase 1b clinical trial of its topical psoriasis cream ALS-00T2-0501. No significant adverse events were reported during the 20-subject trial to test the safety of Apollo's drug candidate for psoriasis sufferers.

Data from the clinical trial centre is being forwarded to the independent contract research organization Datapharm Australia for database entry, verification and statistical analysis. Final results of the trial are expected to be available in early April 2006.

The trial, conducted by CMAX at Royal Adelaide Hospital, started in October 2005. Healthy subjects and patients with mild to moderate chronic plaque type psoriasis (80% of psoriasis sufferers have plaque type psoriasis) received a single application of the cream in the first two stages of the trial. The third stage, which involved nine applications of the cream to patients over a 21-day period, was a randomized double blind, placebo controlled study.

About 3% of the world's population is affected by psoriasis, which involves an overreaction of the immune system resulting in severely inflamed skin, often severely affecting health and quality of life. Apollo believes its topical TNF blocker (TNF is a protein involved in inflammation of skin) for psoriasis will have advantages over existing injection-based treatments, which can suppress the immune system. Patients are also expected to prefer a cream to injections.

About Apollo Life Sciences Limited

Apollo Life Sciences Limited [ASX: AOP], which listed on the Australian Stock Exchange in June 2005, creates, manufactures and markets next-generation therapeutics based on the use of human proteins - biologics - to protect and improve human health. The company's proteins, coupled with its capacity to deliver them across barriers within the body (including skin, stomach and brain barriers), can be used to treat a diverse range of disorders associated with disease and ageing. These range from rheumatoid arthritis and viral disorders such as Hepatitis C through to hair and skin conditions such as psoriasis and hair loss. The company has a unique library of 60 human-expressed proteins supported by patents and patent applications. The worldwide biologic market is currently estimated to be worth more than US$50 billion per year with a 10-year growth estimate of US$200 billion. Apollo Life Sciences is targeting three market segments - proteins sold to researchers ( www.apollocytokineresearch.com  ), over-the-counter treatments and clinical therapeutics. Apollo is currently selling in the research market and has several candidates in pre-clinical stages of development for the over-the-counter and therapeutics markets.

For more information:

John Priest, CEO Richard Allen
Apollo Life Sciences Oxygen Financial
Public Relations
(02) 9310 1800 www.apollolifesciences.com  (03) 9915 6341