ChemGenex Pharmaceuticals: Announcement Pursuant To Nasdaq Marketplace Rule 4350(b)

  
    
  
  
    
      ChemGenex Pharmaceuticals (ASX: CXS, NASDAQ: CXSP), a pharmaceutical 
      development company dedicated to improving the lives of patients by 
      developing therapeutics in the areas of oncology, diabetes and obesity, 
      today announced that its financial statements for the year ended June 
      30, 2006, contained in its Annual Report on Form 20-F for the year ended 
      June 30, 2006, as filed with the Securities and Exchange Commission on 
      December 28, 2006, included an audit report containing a going concern 
      qualification from its independent public accounting firm.
    
    
      This announcement is being made in compliance with Nasdaq Marketplace 
      Rule 4350(b)(i)(B), which requires separate disclosure of receipt of an 
      audit opinion that contains a going concern qualification. This 
      announcement does not represent any change or amendment to the Company’s 
      2006 financial statements or its Annual Report on Form 20-F.
    
    
      Further information regarding the going concern statement, and Management’s 
      position concerning the Company’s financial 
      position, can be found in the Company’s Annual 
      Report on Form 20-F for the year ended June 30, 2006, as filed with the 
      Securities and Exchange Commission on December 28, 2006.
    
    
      About ChemGenex Pharmaceuticals Limited (www.chemgenex.com)
    
    
      ChemGenex Pharmaceuticals is a pharmaceutical development company 
      dedicated to improving the lives of patients by developing therapeutics 
      in the areas of oncology, diabetes, obesity, and depression. ChemGenex 
      harnesses the power of genomics for target discovery and validation, and 
      in clinical trials to develop more individualized therapeutic outcomes. 
      ChemGenex’s lead compound, Ceflatonin®, 
      is currently in phase 2/3 clinical trials for chronic myeloid leukemia 
      and Quinamed® is in 
      phase 2 clinical development for prostate, breast and ovarian cancers. 
      The company has a significant portfolio of anti-cancer, diabetes, 
      obesity and depression programs, several of which have been partnered 
      with international pharmaceutical companies. ChemGenex currently trades 
      on the Australian Stock Exchange under the symbol "CXS" and on NASDAQ 
      under the symbol "CXSP".
    
    
      Safe Harbor Statement
    
    
      Certain statements made herein that use the words “estimate”, 
      “project”, “intend”, 
      “expect”, “believe”, 
      and similar expressions are intended to identify forward-looking 
      statements within the meaning of the US Private Securities Litigation 
      Reform Act of 1995. These forward-looking statements involve known and 
      unknown risks and uncertainties which could cause the actual results, 
      performance or achievements of the company to be materially different 
      from those which may be expressed or implied by such statements, 
      including, among others, risks or uncertainties associated with the 
      development of the company’s technology, the 
      ability to successfully market products in the clinical pipeline, the 
      ability to advance promising therapeutics through clinical trials, the 
      ability to establish our fully integrated technologies, the ability to 
      enter into additional collaborations and strategic alliances and expand 
      current collaborations and obtain milestone payments, the suitability of 
      internally discovered genes for drug development, the ability of the 
      company to meet its financial requirements, the ability of the company 
      to protect its proprietary technology, potential limitations on the 
      company’s technology, the market for the 
      company’s products, government regulation in 
      Australia and the United States, changes in tax and other laws, changes 
      in competition and the loss of key personnel. These statements are based 
      on our management’s current expectations and 
      are subject to a number of uncertainties that could change the results 
      described in the forward-looking statements. Investors should be aware 
      that there are no assurances that results will not differ from those 
      projected.