Research Update

    SR Pharma plc and EiRx Therapeutics Ltd sign research deal

`New molecules for potential cancer treatments'

London, 1 December 2003 - SR Pharma and EiRx Therapeutics today announced that
they have entered into a research agreement that will see EiRx characterise a
series of compounds owned by SR Pharma called inositol phosphoglycans (IPGs) to
address their potential application in the treatment and prevention of cancer.
EiRx will use its in-vitro cancer and apoptosis models to evaluate the
compounds, several of which have demonstrated activity associated with
modulation of the inositol phosphate signal transduction pathway.

SR Pharma acquired the inositol phosphoglycans earlier this year in a deal with
University College London and Rodaris Pharmaceuticals Ltd and are exploring
numerous opportunities where these compounds could have therapeutic potential.

EiRx Therapeutics is a specialist drug discovery company, with unique
scientific expertise and knowledge in the field of apoptosis providing a sound
base to discover and develop new medicines that will repair this natural
process in disease. The potential benefits from these new medicines are
enormous, since as many of 70% of all human diseases have some defect in the
control of apoptosis.

"EiRx is able to provide pharmaceutical and biotechnology companies with the
ability to access our specialist apoptosis knowledge-base to support their own
therapeutic development programs", say Dr Ian Hayes, CEO.

Commenting on the deal Dr David Hill, CEO of SR Pharma stated, " We are excited
by the potential that EiRx's scientists will be able to bring to the
development of IPGs. We believe that the IPGs have possible clinical use in
many areas, and cancer is one of those important areas we are exploring."

Contact for SR Pharma                   Contact for EiRx Therapeutics        
                                                                             
Dr David Hill                           Dr Ian M Hayes                       
                                                                             
Tel: [phone]                      Tel: [phone]                   
                                                                             
Email: [e-mail]              email: [e-mail]               

Notes To Editors

About SR Pharma:

SR Pharma plc was founded in 1992 and is committed to developing innovative
medicines based on an improved understanding of the role played by the immune
system in combating disease. The company's proprietary M. vaccae-based
technology is the source of a number of product developments. SR Pharma is
currently evaluating SRP299 and AVAC(TM) for the treatment of asthma and atopic
dermatitis. The company is also investigating SRL172 as both a monotherapy and
as a vaccine adjuvant in cancer and infectious diseases. These products enhance
the immune responses needed to combat cancer and infection, while regulating
those that mediate allergies.

Additional information can be found on the company's website at
www.srpharma.com.

Background on EiRx

Eirx Therapeutics Ltd was founded 1999, to develop novel therapeutic drugs by
exploiting the company's unique insights into the biology of apoptosis. Through
its unique expertise in cellular model systems for apoptosis and in comparative
genomics, EiRx has to-date discovered more than 200 apoptosis target genes.
This target set has been convincingly demonstrated to be a rich source of
novel, druggable classes of gene (e.g. kinase), which modulate the process of
apoptosis and which share disease association with cancers and inflammatory
diseases. Internal drug discovery capabilities are being rapidly built to move
key targets quickly through the research and development process, while at the
same time delivering early revenue through licensing and partnership deals.

Additional information can be found on the company's website at www.eirx.com.



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