Institutional Placing

RNS Number:1606R
Alizyme PLC
22 October 2003


Immediate Release                                                22 October 2003



                                  ALIZYME PLC

                   Institutional Placing Raises #11.5 million


Alizyme Plc ("Alizyme" or "the Company"), the drug development company, today
announces that it has raised approximately #11.5 million before expenses through
a placing for cash of 6,844,800 new ordinary shares of 2 pence each. The new
shares, which represent 4.98 per cent. of the Company's issued share capital
prior to the placing, have been placed with a range of institutional investors
by Nomura International plc at a placing price of 168 pence per share. The
placing price represents a discount of 3.17 per cent. to the closing middle
market price on the London Stock Exchange on 21 October 2003. This placing was
undertaken pursuant to a resolution of the shareholders at the Company's Annual
General Meeting in May 2003 which approved the disapplication of shareholders'
pre-emption rights in relation to approximately 5 per cent. of the then issued
share capital of the Company.

Application will be made today for the new shares to be admitted to the Official
List and to trading on the London Stock Exchange.  The placing is conditional on
admission, which is expected to become effective on 27 October 2003.  When
issued, the new shares will rank pari passu in all respects with the Company's
existing ordinary shares. Following the placing, Alizyme will have a total of
144,238,743 ordinary shares in issue.

Commenting on the placing, Dr Richard Palmer, Chief Executive Officer of
Alizyme, said: "We are delighted with the strong support shown in this placing
of new shares, which is built on the back of the excellent progress Alizyme has
made with its development portfolio this year. These new funds will provide more
flexibility in our cash position as we continue negotiations for outlicensing
our products. In addition, monies raised will be used to build on the excellent
Phase IIb results recently announced with ATL-962, our obesity programme. This
will include initiation of an additional Phase II clinical trial in Type II
diabetes, to enhance the rapid commercialisation, after Phase III clinical
trials, in a wider patient population."



Enquiries:

Alizyme Plc                                       Tel:       [phone]
Richard Palmer, Chief Executive Officer
Tim McCarthy, Finance Director

Buchanan Communications                           Tel:       [phone]
Lisa Baderoon                                     Mobile:    [phone]
Rebecca Skye Dietrich



Further information on Alizyme can be found on the company's website:
www.alizyme.com



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