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Under the terms of the proposed Disposal, CeNeS will receive �8.3
million in cash at completion for the sale of the rights to the
Products and also an estimated �0.8million in cash from the sale of
stocks at completion of finished goods and raw materials related to
the Products. CeNeS will also collect trade debts that exist at the
completion date of approximately �0.6 million. The Products are
mainly sold to hospitals for the treatment of post-operative pain
and/or nausea and vomiting.

Neil Clark, Chief Operating Officer and Financial Director of CeNeS
commented, "The Disposal enables CeNeS to expand its current
pain-focused clinical activities. In the short term CeNeS will be
concentrating its efforts on M6G, its most advanced clinical asset,
that is planned to enter its Phase III program for the treatment of
post-operative pain in 2003. The funds generated will also enable
further Phase II studies in CNS 5161 for neuropathic pain. In the
medium term, CeNeS will also be in a much stronger cash position from
which to negotiate partnership deals for these assets and take
advantage of other strategic opportunities that may arise".

Planned use of funds - clinical development of potential pain
treatments - M6G and CNS 5161
The funds raised from the sale of the products will be used to secure
the planned clinical development of CeNeS' leading clinical candidate
for the treatment of post-operative pain, M6G
(morphine-6-glucuronide). CeNeS plans to continue with the current
trial programme and the preparation for the commencement of the major
Phase III trial, which is planned to start in 2003. The Board will
also review the opportunity to continue the development of M6G for
the treatment of chronic pain such as that associated with cancer.

CeNeS also plans to commence an extended Phase II study in
neuropathic pain of its clinical candidate CNS 5161. This second
Phase II clinical trial for CNS 5161 is expected to start recruitment
in 2003. Following on from a successful Phase II pilot study in one
group of 10 patients with neuropathic pain that was completed in
2002, this planned second proof of principle Phase II study will
extend the dose range of CNS 5161 administered to patients to
determine an optimal dose for the relief of neuropathic pain over a
24 hour period. A considerable market opportunity exists worldwide
for the effective management of long term neuropathic pain in
patients, for example, with diabetic neuropathy. The total
neuropathic pain market has been estimated at �1.7 billion worldwide.

Future strategy

The strategy of the Company is to seek commercial partners for both
M6G and CNS 5161 with the objective of securing a partner for M6G
with the benefit of Phase III data (assuming successful completion of
the planned clinical trials). A partner for CNS 5161 will be sought
following the completion of the planned Phase II study assuming the
results of that study are positive.


Financial effects of the Disposal

The effect of the Disposal will be to significantly strengthen the
Group's balance sheet, injecting some �9 million of cash before
expenses and will remove some �5.8 million of intangible assets
relating to the accounting written down value of the Products from
the Group's balance sheet as at 31 December 2002. The products were
acquired from Glaxo Wellcome in September 2000 for �10m. In the year
ended 31 December 2002, the Products generated turnover of �3.4
million. As a result, the Directors of CeNeS anticipate that the
revenues of the Group for the financial year 2003 will be adversely
affected by the Disposal, however the Directors believe the remaining
Group will be in an excellent position to generate higher shareholder
growth in the medium to longer term.

Further information

A circular providing further details of the Disposal will be sent to
shareholders in due course and an EGM to approve the Disposal is
being planned to take place before the end of May 2003.


This news release contains forward-looking statements that reflect
the Company's current expectation regarding future events.
Forward-looking statements involve risks and uncertainties. Actual
events could differ materially from those projected herein and depend
on a number of factors including the success of the Company's
research strategy, the applicability of the discoveries made therein,
the successful and timely completion of clinical studies and the
uncertainties related to the regulatory process.




For more information please contact:

CeNeS Pharmaceuticals plc
Alan Goodman
Neil Clark
Tel: +44 (0)1223 266466
Fax: +44 (0)1223 266467

Euro RSCG Life NRP
Dr Douglas Pretsell
Tel: +44 (0)20 7726 4452
Fax: +44 (0)20 7726 4453

Waymade Healthcare plc
Alison Hunter - Alison PR Limited
Tel: +44 (0) 20 8541 1169
Fax: +44 (0) 20 8541 1673

Please contact Noonan Russo Presence on +44 20 7726 4452 for further
inforamtion.


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