ENACT PHARMA Appoint Evolution Beeson Gregory to Explore Options for Maximising Shareholder Value
26th November 2002 Enact Pharma, the market driven biopharmaceutical company, is pleased to announce that, following a review of its corporate finance strategy, it has appointed Evolution Beeson Gregory ("EBG") as its exclusive financial advisers. 

EBG were appointed after a process in which the Board considered a wide range of potential financial advisers to the Company. As well as being a well established adviser to young growing companies, EBG were selected because of their good knowledge of, and experience in, the biotech sector. Following the recent equity issues the company is in a stronger position to take its drug development programmes forward. Nevertheless, the Board believes that the company remains significantly undervalued and EBG have been asked to explore ways in which shareholder value can be maximised over the short to medium term. This process is at an early stage but may include moving the Company's listing to AIM, the out licensing of a major programme or the merger of the Company with another partner in the biotech sector. 

Tony Atkinson, Chief Executive of Enact, said "Enact is rapidly approaching a stage of development when it must decide which structure for the Company will best realise the value for its shareholders which has been built up in the Company over recent years. EBG is well equipped to consider all the options and advise the Board as to the best route forward for the Company."

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For Further Information:
Scott Learmouth/Mel Choi 
WMC Communications Ltd
Tel: +44 (0) 2075913999
Email: melissa.choi@wmccommunications.com 
 
James Cooper 
Enact Pharma plc 
Tel: 01844 351009

Nick Rogers 
Evolution Beeson Gregory 
Tel: 0207 071 4389 

About Enact:
Enact Pharma is an emerging biopharmaceutical company. An OFEX listed company, Enact Pharma has focused on the research and development of anti-cancer therapies and other products for the treatment of neuropathological diseases. Enact is the result of a merger in April 2000 between Enzacta and Kymed. The Company is based in the UK, with a research and development facility at Porton Down near Salisbury, and offices at Salisbury and Heyford Park.

Enact's strengths are a committed management and scientific team, a strong product portfolio, which has now been developed and validated to enter clinical trials, and its ability to both identify and create commercial opportunity. The Company is now in a position to proceed independently to a Phase I trial of its lead product NQ02. The NQ02 clinical trial will create the first major step increase in company value and initiate a significant revenue flow to develop the Company's rich product portfolio. Visit our website at: www.enactpharma.com   
 
Mel Choi Senior Account Manager
WMC Communications
7 Cheval Place
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Ph: +44 (0)207 591 3999
Fax: +44 (0)207 591 3910
www.wmccommunications.com