Thursday, 26 May 2005: Australian-based biopharmaceutical company Apollo Life Sciences Ltd lodged its prospectus with ASIC today to raise $9.5 million in a June Initial Public Offer, underwritten by Blackwood Capital.

Apollo Life Sciences is creating, manufacturing and marketing next-generation therapeutics based on the use of human proteins - biologics

- to protect and improve human health. Apollo's proteins can be used to treat a range of disorders associated with disease and ageing, such as psoriasis, Hepatitis C, rheumatoid arthritis, multiple sclerosis and Alzheimer's Disease.

Apollo expects its treatments will be safer and more effective than currently available treatments because they naturally mimic the proteins already in the human body. These proteins control many of the functions of cells in the body, such as in the brain, the immune and nervous systems.

"Apollo's biologics draw on material that already naturally occurs in the human body," said Mr John Priest, Chairman and CEO of Apollo Life Sciences.

"The market for biologic treatments is growing rapidly because they offer significant benefits for many major diseases and ageing. We are positioning Apollo to capture the significant growth in this area with its unique product offerings," he said.

The worldwide biologic market is currently estimated to be worth more than US$50 billion pa with a 10-year growth estimate of US$200 billion.

Apollo is targeting the therapeutic, anti-ageing/cosmetic and research markets, with its first protein for the therapeutic market entering a Phase Ib clinical trial. Six others are being prepared for clinical trials.

Early revenue from sales of Apollo's proteins to the research and anti-ageing/cosmetic markets is intended to cover the cost of the clinical trials process. The company has a unique library of 50 human-expressed proteins supported by a patent portfolio of over 50 patents and patent applications.

"Apollo is positioned to continue developing therapeutic products for multiple large and rapidly growing international markets," Mr Priest said.

Apollo Life Sciences is offering 19 million shares at an issue price of 50 cents per share to raise $9.5 million. Upon listing and at the offer price, Apollo will have a market capitalisation of $75.6 million.

For more information:

John Priest

Chairman and CEO

Apollo Life Sciences

(02) 9310 1800

Francis Harper

Blackwood Capital

(02) 9238 1594

Jane Cotter

Oxygen Financial Public Relations

(03) 9915 6342