New Warrant Program in Pharmexa

HOERSHOLM, Denmark, August 1, 2002 (PRIMEZONE) -- The board of directors in Pharmexa has approved a new warrant program to the employees and management group of the company. The warrant program confers the right to subscribe against cash payment for a total of 54,500 Pharmexa shares, equal to DKK 545,000 nominal value.

30,000 warrants will be issued to the employees with an exercise price corresponding to the price of the company's shares on the day the warrants are issued, however not less than DKK 250 per share. Of these, 12,000 warrants are issued immediately, whereas 18,000 warrants are expected to be issued to new employees in Pharmexa prior to April 2003. These warrants can be exercised in April 2005. 24,500 warrants will be issued with an exercise price of DKK 117, of which the management board (CEO Soeren Mouritsen, CFO Jakob Schmidt and COO Birger Borregaard) receives 13,000 warrants. These warrants can be exercised in April 2004. Exercise of all warrants is contingent upon employment in Pharmexa at the time of exercise.

The new warrant program brings the total number of outstanding warrants in Pharmexa to 429,400, corresponding to 10.5% of the company's current share capital of 4,099,980 shares.

Note to editors:

Pharmexa A/S (CSE:PHARMX) is a leading company in the field of therapeutic vaccines for the treatment of serious chronic diseases. Pharmexa's proprietary AutoVac(TM) pharmaccine technology platform is broadly applicable, but the company has focused its resources on a number of cancer forms and chronic inflammatory diseases. Pharmexa's research and development programs are targeted towards breast cancer, asthma, bone degeneration, allergy and neurodegenerative diseases. The Pharmexa Group has entered into collaborative agreements with Lexigen/Merck KGaA, Ferring, ScheringPlough, H. Lundbeck, NeuroSearch, GlaxoSmithKline, Zycos, Epimmune and AstraZeneca. The Group has 153 employees. More information on Pharmexa can be found on


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