Update on Progression of Phosphagenics and Nestle Nutrition's Phospha E(R) Trial

    MELBOURNE, Australia, Feb. 11 /PRNewswire-FirstCall/ -- Phosphagenics
 Limited ("Phosphagenics") (ASX: POH; AIM: PSG; OTCQX: PPGNY) and Nestle
 Nutrition (Nestle) today announced that their joint phase 2 human clinical
 trial to establish the efficacy of Phosphagenics' Phospha E(R) in the
 management of metabolic syndrome is advancing at three sites in Adelaide,
 Australia.
 
     Based on current recruitment rates of study participants, the
 double-blind phase 2 trial, which is fully funded by Nestle, is expected to
 be completed in mid-2008.
 
     This phase 2 clinical trial follows two pre-clinical dose response
 trials completed by Nestle and Phosphagenics in 2006. The results of those
 studies confirmed that, when given orally, Phospha E(R) significantly
 reduces many of the key biomarkers associated with metabolic syndrome.
 
     Metabolic syndrome is characterized by a group of risk factors that
 increase the risk of diabetes, coronary heart disease and other diseases
 associated with plaque build up in artery walls.
 
     The companies have agreed on the principal terms of a commercialization
 agreement, which will grant a worldwide exclusive license to Nestle for the
 use of Phospha E(R) in medical foods and for Phosphagenics to be the
 exclusive manufacturer and supplier of Phospha E(R) to Nestle. The final
 commercial agreement is due to be signed upon completion of the phase 2
 trial.
 
     Harry Rosen, President & CEO of Phosphagenics said: "We believe the
 agreed terms will deliver value to all parties and we look forward to
 building on the already strong relationship we have with Nestle, the
 world's largest food company."
 
     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.
 
     Phosphagenics' 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). 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. In July 2007, this was upgraded to the
 International OTCQX, a new premium market tier in the U.S. for
 international exchange-listed companies, operated by Pink Sheets, LLC.
 
     For more information, please visit Phosphagenics' web site at
 http://www.phosphagenics.com.
 
     About Nestle Nutrition
 
     Nestle Nutrition is an autonomous business within the Nestle group
 managing and developing the group's speciality nutrition brands. Through
 science-based nutrition products and services, Nestle Nutrition helps
 enhance the quality of people's lives by supporting health and providing
 care for specific consumer groups with special nutrition needs at every
 stage of life.
 
     About 22 000 employees in more than 70 markets are part of Nestle
 Nutrition. Its product portfolio -- covering infant nutrition, healthcare
 nutrition, performance nutrition and weight management -- includes such
 trusted and well-recognised brands as: NAN, GERBER, LACTOGEN, NESLAC,
 CERELAC, BOOST, NUTREN, PEPTAMEN, RE

SOURCE, OPTIFAST, POWERBAR, MUSASHI and JENNY CRAIG. For more information, please visit Nestle Nutrition' web site at http://www.nestlenutrition.com. About the Phosphagenics / Nestle Pre-Clinical Studies The final results of the two pre-clinical dose response trials announced to the market on December 14th, 2006, confirmed that when given orally, Phospha E(R) significantly reduced many of the key biomarkers associated with metabolic syndrome, inflammation and cardiovascular disease. Additionally, the most appropriate dosage required to commence human clinical trials was also determined. In these trials, animals treated with varying doses of Phospha E(R) were shown to have statistically significant reductions in key parameters such as plaque formation, aortic vascular dysfunction, cholesterol, triglycerides and LDL-C (so-called bad cholesterol). About Metabolic Syndrome Metabolic syndrome is characterised by a group of metabolic risk factors - - abdominal obesity and elevated blood pressure, cholesterol, triglycerides and blood glucose. The root causes of metabolic syndrome are overweight/obesity, physical inactivity, and genetic factors. It is estimated that about 27% of adults in the US have metabolic syndrome and that one in three overweight or obese people in the US have this condition. The condition is being diagnosed with increasing frequency. About Phospha E(R) Phospha E(R) is a patented derivative of vitamin E that has superior properties compared to its parent molecule. For example, Phospha E(R) has been shown to be better absorbed than vitamin E, both orally and through the skin, to lower cholesterol and triglycerides, prevent the formation of plaque in heart arteries, as well as having unique anti-inflammatory properties. Phospha E(R) has applications across all three nutraceutical market segments, and is currently sold internationally as a dietary supplement by NBTY Inc (under the name of Ester-E(TM)) and is marketed worldwide in the personal care market as Vital ET(TM) by ISP Corporation. 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

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