Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

May 23, 2006 11:54 ET

Bioxel Retains Two API Manufacturers for Commercial Scale-Up of its New Taxanes

SAINTE-FOY, QUEBEC--(CCNMatthews - May 23, 2006) - Bioxel Pharma Inc. (TSX VENTURE:BIP), a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, is pleased to announce that it has entered into two separate letters of intent with companies specialized in pharmaceutical API manufacturing. Pursuant to the agreements, these companies will carry-out under contract the commercial scale-up of specific steps of Bioxel's manufacturing process for semi-synthetic taxanes.

"These agreements represent a key milestone in the industrial scale-up of our technologies and the commercialization of our new taxane products," said Pascal Delmas, President and Chief Executive Officer of Bioxel Pharma. "We have aligned ourselves with industry leaders that have the facilities and pharmaceutical expertise to accelerate our development and bring our next products on stream."

In the coming weeks, Bioxel expects to execute contract development and manufacturing agreements with both of these new partners and continue building momentum in its taxane product line.

In 2005 Bioxel filed two patents covering the synthetic conversion of 9-DHB to paclitaxel and docetaxel. 9-DHB is a side stream taxane that the company produced during the isolation and purification of natural paclitaxel, a product the Corporation presently markets. These technologies allow for synthetic production of both paclitaxel and docetaxel, two of the world's most widely used cancer therapy ingredients.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is a biopharmaceutical company, focused on developing, manufacturing and marketing taxane pharmaceutical ingredients. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis, Alzheimer's disease and cardiovascular disease. The Corporation sells cGMP paclitaxel and develops a portfolio of other generic taxane APIs and taxane-based proprietary products for improved cancer therapy.

This announcement includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect future results. These include risks and uncertainties that could affect Bioxel's products under development such as regulatory factors, technological developments and competitive factors. Achievement of the objectives set forth in this release is subject to these risks and uncertainties. The Corporation's results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the realization of financial projections.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.

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