Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

July 16, 2007 17:36 ET

Bioxel Lands Leading Asian Customer: Issue of 413,242 Common Shares in Payment of Interests on Certain of its Outstanding Convertible Debentures

STE-FOY, QUEBEC--(Marketwire - July 16, 2007) - Bioxel Pharma Inc. (TSX VENTURE:BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it is expanding its taxane presence into Asia with the first significant paclitaxel delivery being made to the region. The paclitaxel sale was valued at $200,000.

"In late 2006 we began a marketing push into Asia, with the goal of further expanding Bioxel's global footprint in taxane APIs," said Pascal Delmas, President and CEO of Bioxel Pharma. "The result of this effort has been to identify drug manufacturers in key countries where strong growth opportunities exist. Bioxel is attracting new customers in international markets, where value is placed on high quality taxanes, regulatory expertise and reliability of supply," noted Mr. Delmas.

The paclitaxel sale was made to a South-East Asian generic pharmaceutical company that is among the fastest growing in the region with a global presence in Europe, North America, Latin America, and Asia-Pacific. The company manufactures oncology drugs and has product registrations in more than 50 countries. This sale will allow the company to qualify Bioxel's paclitaxel for use in established regulated markets. Negotiations are in progress for commercial paclitaxel supplies.

The Corporation also announced that it has issued 413,242 common shares at a price of $0.18 per share to Societe Innovatech Quebec et Chaudiere-Appalaches ("Innovatech") in payment of $74,383.56 of interest payable on July 14, 2007 on the $1,000,000 principal amount outstanding convertible debentures held by Innovatech. The debenture was issued on July 15, 2002 as part of a financing totalling $2,500,000 of principal amount of convertible debentures. Debentures in a capital amount of $1,500,000 remain outstanding.

FORWARD-LOOKING STATEMENTS

Some of the statements made herein may constitute forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause Bioxel Pharma's actual results, performance or achievements to be materially different from those expected or implied by any of Bioxel Pharma's statements. Actual events or results may differ materially. Bioxel Pharma disclaims any intention, and assumes no obligation, to update these forward-looking statements.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, 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 API's and taxane-based proprietary products for improved cancer therapy.

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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