PQS Phoqus

RNS Number:4130E
Phoqus Pharmaceuticals PLC
25 September 2007

                           Phoqus Pharmaceuticals plc

       DRAWDOWN ON SECOND TRANCHE OF LOAN AGREEMENT AND ISSUE OF WARRANTS



West Malling, UK, 25 September 2007: Phoqus Pharmaceuticals plc ("Phoqus
Pharmaceuticals" or " Company") (AIM: PQS), the specialty pharmaceuticals drug
development company, today announces that, on Friday 21 September 2007, it drew
down the second tranche under a loan facility agreement ("Agreement") with
Oxford Finance Corporation ("Oxford Finance") entered on 2 April 2007 for up to
#2,500,000.

The Company drew down the first #1,250,000 tranche of the loan ("first tranche")
on 2 April 2007.  The second #1,250,000 of the loan ("second tranche") was drawn
down on 21 September 2007. The terms of the second tranche are the same as the
terms of the first tranche.  Interest is payable on the loan at 13.5 per cent
per annum.  The second tranche has a fixed term of 6 equal monthly instalments
of interest only, followed by 30 equal monthly repayment instalments of
principal and interest. The Company provided Oxford Finance with a blanket lien
on assets, including intellectual property, as collateral for the loan facility,
in the Agreement.

In accordance with the terms of the Agreement and contemporaneously with the
second draw down on Friday, the Board of Phoqus Pharmaceuticals noted the issue
to Oxford Finance of further warrants over 83,333 Ordinary Shares of 10p in the
Company (representing  0.002 per cent of the current issued share capital),
being 6 per cent of the value of the second tranche of the loan facility,
exercisable within 10 years at an exercise price of #0.90 pence per share (being
the average mid-market closing price over the 30 days preceding the signing of
the Agreement).  This brings the total number of warrants over Ordinary Shares
of 10p in the Company to 166,666 (representing 0.004 per cent of the current
issued share capital).



Enquiries:

Phoqus Pharmaceuticals plc
Dr Peter Johnson, Chief Financial Officer             Tel:     01732 870227

Nomura Code Securities Limited
Phil Walker                                           Tel:     020 7776 1200




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

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