Disposal

RNS Number:0937T
M.L. Laboratories PLC
10 December 2003

                                                                10 December 2003

                    ML DISPOSES OF REMAINING SHAREHOLDING IN
                           COBRA BIOMANUFACTURING PLC

                    TOTAL RAISED FROM DIVESTMENT OF NON-CORE
                    MANUFACTURING BUSINESSES NOW CIRCA #15M

ML announces today that it has sold its remaining 1m shares in Cobra
Biomanufacturing PLC (CBM) at a price of 125p per share realising a gross sum of
#1.25m before costs.

The disposal completes the realisation of ML's investment in CBM which it
acquired when it divested that business by flotation on AIM in June 2002.

The disposal of the remaining 17% of its holding follows the previous disposal
of 83% of its holding in May 2003 bringing the cash realised from the divestment
of that business to circa #8.2M and the total gross sum realised from the
divestment of non core manufacturing businesses to circa #15M.

                                     -Ends-

For further information please contact:

Weber Shandwick Square Mile                                        020 7067 0700
Kevin Smith /Cass Helstrip

Note to Editors:
ML is a pharmaceutical product development company with a track record of
successful clinical development, regulatory approval and licensing of
pharmaceutical products and a pipeline of future products targeted at specialist
markets. ML's activities are supported by a growing income stream from marketed
products it has successfully developed and licensed to other pharmaceutical
companies, which include Baxter, Shire and Celltech.

New therapeutic products in clinical development include cancer treatments, a
pain management compound prepared to enter Phase III studies, a preventative of
sexually transmitted infections, including HIV, and a phosphate binder to assist
the management of kidney failure. ML's portfolio of early stage development
projects includes unique polymer/drug molecules to provide safer and more potent
cancer chemotherapy and technologies for use in the discovery and manufacture of
biotechnology products.

In addition ML provides inhaled drug delivery solutions to the global
pharmaceutical industry through its dedicated respiratory subsidiary Innovata
Biomed.

More information about ML Laboratories PLC can be found at www.mllabs.co.uk




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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