Phosphagenics to Conduct a Phase 1 Transdermal Oxycodone Clinical Trial

Sep 17, 2007, 01:00 ET from Phosphagenics Limited

    MELBOURNE, Australia, Sept. 17 /PRNewswire-FirstCall/ -- Phosphagenics
 Limited (ASX: POH, AIM: PSG, OTCQX: PPGNY) today announced that, following
 successful preclinical studies, it plans to undertake a Phase 1 transdermal
 oxycodone clinical trial aimed at providing chronic pain sufferers with a
 sustained-release pain management product.
     Phosphagenics has submitted all necessary documents for approval of the
 trial, which is to be conducted at CMAX - an independent clinical research
 organization located at the Royal Adelaide Hospital. The trial, which will
 be in up to 30 healthy volunteers, will evaluate the tolerability and
 safety of the novel transdermal oxycodone. The trial will begin once
 approval has been received, which is expected within the next six weeks.
     The Company is working towards becoming the first to provide chronic
 pain sufferers with a patch that will provide sustained-release of
 oxycodone into the bloodstream. Previous clinical trials have demonstrated
 that Phosphagenics' patented technologies can effectively deliver opiates
 through the skin without causing any disruption or irritation.
     Harry Rosen, Phosphagenics' President and CEO, said: "We have
 prioritized oxycodone over morphine in our pain management pipeline as we
 are in commercial discussions with several companies.
     "These companies' commercial interests are focused on the license of a
 transdermal pain product containing oxycodone."
     Dr. Esra Ogru, Executive Vice President of Research and Development at
 Phosphagenics, said: "Our objective is to address a large unmet need by
 using our technology to deliver oxycodone in a sustained-release
 formulation to treat pain beyond a 24 hour period."
     Oxycodone, currently administered in tablet or intravenous form, in an
 eight to 12 hour formulation, is more potent than morphine with fewer
 adverse effects and its worldwide sales exceed $1 billion annually.
     About Phosphagenics Limited
     Phosphagenics is a Melbourne-based, globally driven biotechnology
 company focused on the discovery of new and cost effective ways to enhance
 the bioavailability, activity, safety and delivery of proven pharmaceutical
 and nutraceutical products. The Company's core technology is built around
 the science and application of phosphorylation, a process where the
 addition of a phosphate group has been found to enhance the
 bioavailability, activity and safety of existing pharmaceuticals and
 nutraceuticals, as well as to assist in the production of drug delivery
 platforms. Phosphagenics' shares are listed on the Australian Stock
 Exchange (POH) and the London Stock Exchange's Alternative Investment
 Market (PSG). In March 2006, an ADR - Level 1 program was established in
 the U.S. with The Bank of New York Mellon (PPGNY) for U.S. investors to
 trade in Phosphagenics' stock on the 'over-the-counter' market. This has
 now been upgraded to the International OTCQX, a new premium market tier in
 the US for international exchange-listed companies, operated by Pink
 Sheets, LLC.
     For more information and to view the clinical trial results in full,
 please visit Phosphagenics' web site at
     Safe Harbor Statement
     This press release contains forward-looking statements based on current
 expectations of future events. If underlying assumptions prove inaccurate
 or unknown risks or uncertainties materialise, actual results could vary
 materially from the Phosphagenics' expectations and projections. Risks and
 uncertainties include general industry conditions and competition; economic
 conditions, such as interest rate and currency exchange rate fluctuations;
 technological advances and patents attained by competitors; challenges
 inherent in new product development, including obtaining regulatory
 approvals; domestic and foreign health care reforms and governmental laws
 and regulations.

SOURCE Phosphagenics Limited