Re Agreement

RNS Number:3828W
Cobra Bio-Manufacturing PLC
11 March 2004


For Immediate Release                                             11 March 2004


               COBRA SIGNS AGREEMENT TO MANUFACTURE AVIDEX' FIRST
                          MONOCLONAL T CELL RECEPTORS


Cobra Biomanufacturing, Keele, UK, and the Oxford-based biotech company Avidex
today announced an agreement for the manufacture of Avidex' lead anti-cancer
product. The programme of work includes process development, productionand
supply of GMP material through Phase I clinical trials.

Avidex develops anti-cancer and other pharmaceutical products, based on its
soluble monoclonal T cell receptor technology. This agreement provides Cobra
with an opportunity to participate in the development of Avidex' first product
based on the use of soluble monoclonal T cell receptors. Cobra will use its
expertise to develop a process and appropriate analytical methodology in order
to manufacture the formulated product for clinical evaluation.

"We very much look forward to providing the biopharmaceutical manufacturing
needs of Avidex. The agreement will lead to the production of their lead
compound and provision of GMP material for clinical trials. Cobra is delighted
to have the opportunity to apply its experience to this innovative product which
is being developed by Avidex ", said David Thatcher, Chief executive of Cobra
Biomanufacturing.

James Noble, Avidex' CEO, commented "This contract is an important landmark for
Avidex as it represents the next stage in developing the first of our unique
monoclonal T cell receptors. We are delighted to be working with Cobra on this
exciting programme."


-E N D S-


For further information:


Cobra Biomanufacturing                               + 44 (0) 1782 714 181
Dr David Thatcher, Chief Executive Officer           [e-mail]

Buchanan Communications                              + 44 (0) 207 466 5000
Tim Anderson/Mark Court/Rebecca SkyeDietrich


Avidex Limited                                       [phone]
Dr Neill Moray MacKenzie, Chief Business Officer     [e-mail]

De Facto Communications Ltd                          [phone]
Richard Anderson



Notes for Editors

About Cobra Biomanufacturing Plc

Cobra Biomanufacturing Plc is a leading international manufacturer of
biopharmaceuticals to the lifescience industry. Founded in 1992, Cobra provides
innovative manufacturing solutions to the biopharmaceutical industry covering
DNA, virus, cellular therapeutics and recombinant protein products. Cobra was
the first company to develop GMP (Good Manufacturing Practice) standard DNA
manufacture in Europe, with specific expertise in DNA medicines. A range of
unique, patented technologies, underpins this revenue generating business.

Cobra floated on the Alternative Investment Market of the London Stock Exchange
in June 2002 raising #7 million and raised a further #5.2 million in May 2003 in
order to further expand capacity in Oxford UK

www.cobrabio.com



About Avidex Limited

Avidex is a biotechnology company focussed on the development of therapeutics
for cancer and autoimmune diseases. Through its knowledge and understanding of T
cell receptors (TCRs), the Company has developed novel proteins and small
molecules.  Avidex has a broad proprietary technology in monoclonal T cell
receptors that are used therapeutically. In addition Avidex is progressing with
optimisation of the CD80 antagonist, RhuDex(R) for rheumatoid arthritis.  Avidex
is developing this product pipeline and its strategy is to take products through
final developmental phases and to the market through corporate alliances. Avidex
also commercialises its proprietary mTCR platform through final developmental
phases and to the market through corporate alliances. Avidex also commercialises
its proprietary mTCR platform through partnerships.

Avidex was formed in 1999 as a spin outfrom Oxford University. The company
employs 52 staff and is based in Milton Park, near Oxford, UK. The company has
raised #23.2 million to date, with investors including Advent Venture Partners,
Oxford Technology Venture Capital Trust plc and Quester.

www.avidex.com



T Cells and T Cell Receptors

T cells are cells of the immune system that recognise molecules foreign to the
body and help amplify the immune response. At the molecular level this
specificity is in part dependent on molecules on T cells called T cell
receptors. Cancer cells are often coated in molecules which the body recognises
as foreign (called antigens) and Avidex' technology exploits the specificity of
T cell receptors directed against these targets. All such cancer specific
molecules are available for targeting by Avidex' T cell receptors.




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