PSG Phosphagen.

RNS Number:2651O
Phosphagenics Limited
19 February 2008


19  February 2008


Company Announcement



                   Phosphagenics Initiates US Clinical Trials
                         For Its Topical Retinoic Acid

Phosphagenics Limited ("Phosphagenics") (ASX: POH, AIM: PSG, OTCQX: PPGNY) today
announced the initiation of a human clinical trial for its lead dermatological
product, retinoic acid, a form of vitamin A.  This trial represents the
Company's first clinical trial to take place in the U.S. and denotes the
commencement of the Company's planned expansion into targeted, non-systemic
delivery of drugs.

This trial follows a number of pre-clinical studies that demonstrated both an
increase in dermal absorption of retinoic acid when formulated with
Phosphagenics' proprietary drug delivery platform (TPM), and a significant
reduction in irritation scores.  The clinical trial is a double blinded study
that will involve 90 subjects and is being conducted at Broomall, PA-based
cyberDERM Inc., a contract research organisation focused on developing and
refining innovative bio-instrumental and computerised methods for non-invasive
analysis of skin structure, its functions and effects of topical treatments.
This trial is expected to be completed by the end of the second quarter, 2008.

According to the American Journal of Dermatology, retinoic acid is prescribed
most often as the topical treatment of choice for acne.  However, it is poorly
soluble, is associated with irritation and dryness of the skin and, in some
cases, can cause liver damage when substantial amounts enter the systemic
circulation.  Irritation though, is the most common adverse effect and is
observed in approximately 90% of users.  Additionally, according to The American
Dermatological Association Inc., half of the patients who end their retinoic
acid treatment cycle prematurely do so because of irritation. Consequently,
practitioners are often reluctant to prescribe retinoic acid in large quantities
and, typically, marketed formulations contain between only 0.025% and 0.1% of
the active, which often serves to dilute the effectiveness of retinoic acid.
Despite this, the U.S. market for topical prescription retinoids, such as
retinoic acid, for acne treatment exceeds US$300 million annually.

"A new formulation with the ability to deliver greater absorption of retinoic
acid, reduce irritation and dryness and limit systemic circulation would
significantly increase practitioners' flexibility in prescribing the product,"
said Harry Rosen, President & CEO of Phosphagenics. "It would enable physicians
to prescribe greater doses of retinoic acid and/or maintain current dosing while
achieving improved efficacy and substantially limiting adverse effects.  Such a
product would have the potential to expand the current market, and would likely
capture a significant proportion of the existing market."

"In our previously completed pre-clinical studies, we were able to consistently
demonstrate an increase in retinoic acid delivered, a reduction in irritation
scores, as well as limit the delivery of retinoic acid into the systemic
circulation, which is important because of its side effects.  Our objective is
to replicate these results in our human trial and deliver a safer, more
effective acne treatment to consumers as quickly as possible."

In addition to retinoic acid, Phosphagenics is developing a number of other
product candidates utilising its targeted, non-systemic delivery technology,
including multiple anti-inflammatory and analgesic compounds.

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

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.


Company Contact Details:                  U.S. Investor and Media Contacts:
Dr. Esra Ogru                             Brian Ritchie
Phosphagenics Limited                     Financial Dynamics
EVP Research & Development                Tel +1 212 850 5683
Tel +61 3 9605 5900

Mary McSwiggan (Bennett)
Phosphagenics Limited
Investor Relations Manager
Tel +61 3 9605 5907


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

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