Tripep: Preliminary Year-End Report for 2002


HUDDINGE, Sweden, Jan. 31, 2003 (PRIMEZONE) -- Tripep AB (publ):


 -- A new Board of Directors was elected at the extraordinary meeting of 
    shareholders held on September 17, 2002. The new Board consists of 
    Rolf L. Nordstrom, Erik Nerpin, Matti Sallberg and Anders Vahlne.

 -- At the Board meeting following election on September 17, Rolf L. 
    Nordstrom was appointed Chairman of the Board and Johan Ihre became 
    the new President.

 -- A candidate drug (CD) has been identified within the ChronVac-C(TM)
    project. Preparations have begun for the clinical phase, and 
    discussions are also under way with industrial partners.

 -- Research is continuing into the antiviral activity of GPG and its 
    metabolites.

 -- Tripep's Board and management both hold the view that the Swedish 
    biotech industry would benefit from greater consolidation among 
    companies with a similar or complementary focus. Discussions are 
    therefore under way with a number of partners concerning potential 
    consolidation of operations. Remuneration for such consolidation may 
    take the form of non-cash acquisitions, in which case the matter will
    be raised at the Annual General Meeting of shareholders.

 -- An application for remission of the loan from Industrifonden has
    been submitted.

 -- The Swedish district court has granted permission for a reduction in 
    the share premium reserve for transfer to non-restricted equity.

 -- The burn-rate has been substantially reduced.

 -- The intention of the board is to propose the forthcoming AGM to 
    implement a share repurchase program, whereby Tripep offers the 
    shareholders to sell every tenth share for a price of 30 SEK. The 
    board proposes that the repurchased shares can be used as payment in 
    conjunctions with acquisitions of companies and/or projects.

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