Astralis Ltd Reports Third Quarter and Nine Month 2004 Results

Astralis Ltd Reports Third Quarter and Nine Month 2004 Results



FAIRFIELD, N.J., Nov. 19  /PRNewswire-FirstCall/ -- Astralis Ltd. (OTC:ASTR)
(BULLETIN BOARD: ASTR)  a development-stage biotechnology company engaged
primarily in the R&D of treatments for immune system disorders and skin
diseases announced results today for the third quarter and nine months of 2004.
For the three months ended September 30, 2004, the Company recorded a net loss
of $1.6 million to common stockholders, or $0.02 per share.  For the nine
months ended September 30, 2004, the Company recorded a net loss of $16.0
million to common stockholders, or $0.23 per share.  A one-time preferred stock
dividend, related to the conversion into common stock of our Series A Preferred
Stock, owned by SkyePharma PLC, accounts for $10.75 million of the net loss for
the nine month period. The Company, which is a development stage entity, had no
revenue during this period. Total shareholders' equity as of September 30,
2004, was $6.4 million and the Company had total cash and marketable securities
of $2.9 million as of September 30, 2004.

Research and development expenses were $1.3 million and $3.8 million for the
three and nine month periods ended September 30, 2004, respectively. These
amounts included costs incurred in connection with the Phase I and Phase II
clinical trials for Psoraxine(R), the Company's first drug candidate, as well
as the amortization expense of $0.43 million and $1.29 million for the three
and nine month periods, respectively, for previous payments to a related third
party for regulatory and development services pursuant to a Service Agreement
signed in December 2001. Psoraxine(R) is a protein-based therapy that is
believed to act as an immunostimulator, rather than an immunosuppressor. The
Company is currently conducting Phase II clinical trials in patients with
moderate to severe psoriasis in 10 sites throughout the United States.

                              Astralis Ltd.
                       (A Development Stage Entity)
         Selected Statement of Operation Information (Unaudited)
                  January 1, 2004 to September 30, 2004

   Revenues                                              $ --

   Total Operating Expenses                         5,282,199

   Loss from Operations                           ($5,282,199)

   Other Income

        Investment Income                             $28,454

   Net Loss to Common Stockholder                ($16,003,745)

        Basic and diluted loss per common share        ($0.23)



This press release may contain forward-looking statements regarding Astralis
Ltd. Actual results may differ materially from those described in the press
release as a result of a number of factors, including but not limited to the
following: There can be no assurance that Psoraxine(R) will be successfully
developed or manufactured, or that final results of human clinical trials will
result in the regulatory approvals required to market products, or that final
regulatory approval will be received in a timely manner, if at all, or that
patient and physician acceptance of this product will be achieved. Astralis
will continue its research and development effort to the extent that we do not
experience any cash shortfalls, adverse developments in our drug development or
competitive or other impediments that an early stage company in our industry
may face. Astralis Ltd undertakes no obligation to revise or update any such
forward-looking statement to reflect events or circumstances after the date of
this release.

Astralis Ltd.

Fairfield, NJ-based Astralis is a development-stage biotechnology company
engaged in the research and development of novel treatments for immune system
disorders and skin diseases. The Company's current activities focus on the
development of a product candidate named Psoraxine(R) -- now in Phase II
clinical trials - for the treatment of psoriasis. Psoraxine is a proprietary
protein biologic with a mechanism of action that is believed to be based on
immuno-stimulation. Astralis is also engaged in research on the possible
development of the technology underling Psoraxine for the treatment of other
indications, such as psoriatic arthritis, leishmaniasis, papilloma, eczema,
seborrheic dermatitis, and rheumatoid arthritis. For more information, visit
Astralis' web site at http://www.astralisltd.com/

Psoriasis. Psoriasis is a chronic, genetically based remitting and relapsing
scaly and inflammatory skin disorder that affects approximately 3% of the
world's population. Psoriasis symptoms result from the overproduction of skin
by blood cells associated with the immune system. These blood cells are
over-stimulated and act as though the skin was damaged, manufacturing skin
cells at a much faster rate than is required by undamaged skin. The
overproduction of skin can cause everything from itchy rash like patches to
painful pustules and massive inflammation. 

DATASOURCE: Astralis Ltd.



CONTACT:  Peter Golikov, Interim Chief Executive Officer, Mike Garone,

Interim Chief Financial Officer, or Lindsay Ronan, Finance and Administration,

all of Astralis Ltd., [phone], or ; Michael

Lucarelli (investors), [phone], or Brian Kennedy (media),

[phone], or , both of Allen & Caron Inc, for

Astralis Ltd.



Web site:  http://www.astralisltd.com/ 

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