MINSTER PHARMACEUTICALS plc: INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005

Cambridge, UK, 8 December 2005 Minster Pharmaceuticals, the AIM-listed (AIM: MPM) drug development company focused on psychiatric and neurological disorders, announces its interim report for the six months ended 30th September 2005.

Highlights of the six months ended 30 September 2005

• Cash of £2.4m, which the Board considers adequate to fund the current development programme

• A pre-tax loss of £704,833 in line with management expectations

• Strengthening of the Board via the appointment of John Russell as Non-Executive Director

• Since the end of the period under review, Minster’s pipeline has made good progress

CHAIRMAN AND CHIEF EXECUTIVE’S REVIEW

I am pleased to announce the unaudited results of the Group for the six months ended 30 September 2005, and to report on the progress made during this period.

Minster Pharmaceuticals is a drug development company specialising in compounds for the treatment of neurological and psychiatric conditions. It has a licence from GlaxoSmithKline for the worldwide development rights for two compounds, tonabersat for migraine and sabcomeline primarily for schizophrenia. The Group continues to invest in the development of these compounds and, in the six months to 30 September 2005, incurred a loss of £394,889 before amortisation of goodwill of £309,944. Consequently, the loss for the period, both before and after taxation, was £704,833. As the Group was formed on 25 February 2005, the figures in the preceding profit and loss account cover the period of 35 days to 31 March 2005. The cash balance at 30 September 2005 was £2,410,255 which the Board considers adequate to fund the current development programme. No dividend is recommended.

In April 2005 John Russell was welcomed to the Board as a Non-executive Director. He has over 20 years of international investment banking experience and, in addition, has worked extensively as a consultant and corporate finance adviser to biotechnology companies.

Since the end of this financial period, good progress has been made with both compounds. The Phase IIb programme for the development of tonabersat for the indication of prophylaxis (prevention) of migraine has been progressed. Following the appointment of Quintiles, the contract research organisation, in October 2005, it is planned that clinical evaluation will commence in February 2006 and that results will be available in early 2007.

Sabcomeline is being targeted primarily at the treatment of cognitive decline in patients with chronic schizophrenia; planning is underway for the next stage of development. In addition, I am pleased to report that we have also recently initiated a collaborative deal with the University of Buckingham to investigate the potential use of sabcomeline in the treatment of Type 2 diabetes.

This continuing progress with both compounds allows the Group to look to the future with confidence.

Paul Sharpe
Chairman and Chief Executive
8 December 2005

For further information, please contact:

Minster Pharmaceuticals plc
Dr Paul Sharpe, CEO
+44 (0)1799 506623

Northbank Communications
+44 (0)207 886 8150
Emma Palmer (financial enquiries)

Rowan Minnion (media enquiries)

About Minster Pharmaceuticals

Minster Pharmaceuticals is an AIM–listed (AIM:MPM) drug development company specialising in compounds for the treatment of neurological and psychiatric conditions. The Company was established as BioPartners Ltd in 2001 when it acquired from GlaxoSmithKline the worldwide development rights for two compounds, tonabersat and sabcomeline, which have benefited from GSK’s substantial investment. Tonabersat, a novel compound for the treatment and prevention of migraine, completed a Phase II programme in over 1000 patients in the late 1990s, and is being developed further in this indication by Minster Pharmaceuticals. Sabcomeline has completed clinical trials in over 2,500 patients, and has been identified as a potential treatment for chronic schizophrenia. It is now in Phase II trials. Development work is carried out by service providers such as contract research organisations, and at the appropriate time Minster plans to license its pharmaceutical products to pharmaceutical companies in order to complete development, register and market the drugs. As well as the development of sabcomeline and tonabersat, the company is looking to take on the development of further compounds by way of acquisition or in-licensing. For more information, please go to www.minsterpharma.com .