Tuesday, 27 September 2005: Apollo Life Sciences Ltd (ASX: AOP) today announced that it has acquired a fully operational pre-clinical testing facility in Sydney, New South Wales, including equipment and key staff with expertise in targeted and topical drug delivery.

"The actual cost of acquiring this facility is limited to operating costs of around $300,000 per annum, for retaining the existing lease and staff. Establishing an equivalent new facility would cost more than $3 million. This represents immediate savings to Apollo, while allowing the Company to accelerate its growth," said John Priest, the Company's Chairman and Chief Executive Officer.

"The acquisition is an exciting opportunity for Apollo," said Mr Priest. "It considerably extends our capability by expanding our scientific skill base and infrastructure." Apollo will be able to undertake pre-clinical development workup and toxicity studies more quickly and at lower cost.

The facility was originally set up three years ago as the Australian arm of Access Pharmaceuticals, an international biotechnology company that is now scaling back its overseas operations. The company specialised in tumour targeting therapeutics. The registered facility, which includes an organic chemistry laboratory and an analytical laboratory, also has a formally constituted ethics committee.

"Overall this acquisition will enable Apollo to develop more effective products and get them to market faster and more cheaply. Apollo's immediate goal is to target revenue streams before the end of the year from its range of products in the anti-ageing/cosmetics and research reagents markets and this acquisition helps achieve that."

Apollo listed on the ASX in June this year, heavily oversubscribed and raising $9.5 million.

For more information:
John Priest
Chairman and CEO
Apollo Life Sciences
(03) 9915 6342

Jane Cotter
Oxygen Financial Public Relations
(02) 9310 1800