Life Therapeutics Retires Debt With Serologicals; Company Makes Final Payment on Acquisition

Life Therapeutics (ASX:LFE) announced today that the
company has retired the $6.8 million note held by Serologicals
Corporation of Atlanta. The payment finalized Life Therapeutics'
December 2003 purchase of the Therapeutic Plasma business from
Serologicals. The business is now the Life Sera division of Life
Therapeutics.
   Under the terms of the transaction, the debt was discounted to
$6.0 million in return for early payment and a royalty-bearing,
non-exclusive commercial license to the Gradiflow(TM) technology.
   The Gradiflow(TM) technology, invented and owned by Life
Therapeutics, is a smaller and more cost-effective protein
fractionator than those currently in general use. It employs
breakthrough technology to separate blood plasma into its various
components, simultaneously purifying the proteins that are later used
in biological products. Life Therapeutics was formerly known as
Gradipore Limited, Sydney, Australia.
   "This milestone allows us to finalize this significant purchase
which has been such a turning point for us," said Dr. Hari Nair, Chief
Executive Officer and Managing Director of Life Therapeutics.
"Considering our long-standing relationship, we are very pleased that
Serologicals will acquire the first commercial license of the
Gradiflow(TM) technology."
   "We are very impressed with the Gradiflow(TM) technology and we
plan to look for avenues in which it can help us. We were also pleased
to achieve closure on the sale of our Therapeutic Plasma unit, now
known as Life Therapeutics' Life Sera division," said David A. Dodd,
President and CEO of Serologicals Corporation. "We wish them well."

   Serologicals Corporation (NASDAQ:SERO), headquartered in Atlanta,
GA., is a global leader in developing and commercializing consumable
biological products, enabling technologies and services in support of
biological research, drug discovery, and the bioprocessing of
life-enhancing products. Its customers include researchers at major
life science companies and leading research institutions involved in
key disciplines, such as neurology, oncology, hematology, immunology,
cardiology, proteomics, infectious diseases, cell signaling and stem
cell research. In addition, Serologicals is the world's leading
provider of monoclonal antibodies for the blood-typing industry.
   Serologicals employs a total of more than 1,000 people worldwide
in three Serologicals' companies: Chemicon International,
headquartered in Temecula, CA, Upstate Group, LLC, headquartered in
Charlottesville, VA. and Celliance Corporation, headquartered in
Atlanta, GA

   Life Therapeutics is an international company with 444 employees,
located in Australia and the United States with manufacturing
operations in both countries and 13 plasma donor centers in eight
American states. Life Therapeutics recently established its U.S.
American Depositary Receipt (ADR) Level I program which enables
trading in Life Therapeutics shares by U.S. based investors and is an
important step toward the company's ultimate objective of achieving a
full listing on NASDAQ stock exchange.
   The company's four divisions are all headquartered in Atlanta,
Georgia and include: Life Sera, Life Gels, Life Diagnostics, and Life
Manufacturing.
   Life Sera collects specialty plasma, including Anti-D and
Hepatitis B from a donor base of more than 5,000 in thirteen U.S.
collection centers. The plasma is then sold to blood fractionators who
process it into hyperimmune therapeutic products.
   Life Gels offers pre-cast gels for use in biological research and
diagnostic testing, including a variety of electrophoresis systems. It
also offers ultra-sensitive and rapid stains, molecular weight
markers, and specially formulated buffers.
   Life Diagnostics provides highly specific diagnostic tests for
blood-clotting disorders and source plasma products for blood-borne
diseases. Technologies include specialized blood coagulation tests to
predict the risk of thrombosis and bleeding disorders. It also
collects high-titer source plasma and serum used to make diagnostic
kits.
   Life Manufacturing incorporates the Gradiflow(TM) technology with
the manufacture of therapeutic and diagnostic products. Gradiflow(TM)
is a patented process that simultaneously purifies proteins and
removes all viral pathogens, and infectious prion proteins.
   For more information, visit our website at
www.life-therapeutics.com.