Phase 1 Clinical Trial

RNS Number:3414E
Phosphagenics Limited
24 September 2007



24 September 2007





             Phase 1 transdermal oxycodone clinical trial approved





Phosphagenics Limited (ASX: POH, AIM: PSG, OTCQX: PPGNY) advises that it has
received approval to commence its Phase 1 clinical trial aimed at delivering the
pain relief drug, oxycodone, through the skin.



The Company is aiming to become the first to offer chronic pain sufferers a
patch that provides sustained-release oxycodone into the bloodstream.



Dr Esra Ogru, Executive Vice President of Research and Development at
Phosphagenics, said that developing its pain relief pipeline will build on the
success of previous transdermal clinical trials and provide a platform for the
development of many other products.



"With this trial, we will be using our transdermal technology to deliver
oxycodone in a sustained-release formulation with the aim of treating chronic
pain. Currently oxycodone is not available in a transdermal route of
administration," Dr Ogru said.



"Oxycodone, with worldwide annual sales of more than $US 1 billion, is more
potent than morphine with fewer adverse effects."



As previously advised, the trial, to be conducted by CMAX - an independent
clinical research organisation located at the Royal Adelaide Hospital - will be
a single centre, single blinded, pharmacokinetic trial in up to 32 healthy
volunteers and it will evaluate the tolerability and safety of the
Phosphagenics' novel transdermal oxycodone. This trial is scheduled to begin
next month.





APPENDIX AND NOTES TO EDITORS



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
www.phosphagenics.com





Company Contact Details:                          US Investor and Media Contacts:

Mr Harry Rosen                                    Mr Brian Ritchie

Phosphagenics Limited                             Financial Dynamics

President and CEO                                 +1 212 850 5600

+61 3 9605 5900



Ms Mary Bennett


Phosphagenics Limited

Investor Relations Manager

+61 3 9605 5907





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.




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

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