Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

July 09, 2007 08:30 ET

Bioxel Pharma Files a Preliminary Short form Prospectus

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

STE-FOY, QUEBEC--(Marketwire - July 9, 2007) - Bioxel Pharma Inc. ("Bioxel" or the "Corporation") (TSX VENTURE:BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it had filed on July 6, 2007 a preliminary short form prospectus with the securities regulatory authorities of British Columbia, Alberta, Ontario and Quebec with respect to a proposed offering of units of the Corporation. This offering is being made on a best efforts basis.

Each unit will consist of one common share of the Corporation and one half of a common share purchase warrant. Each full common share purchase warrant entitles the holder thereof to purchase one additional common share of the share capital of the Corporation.

The exact number of units to be issued under the offering, the issue price per unit, the exercise period of the warrants and the purchase price of each common share issuable pursuant to the terms of the warrants will be determined following marketing of the offering with a closing anticipated to occur in late July 2007.

Paradigm Capital Inc. will act as lead agent in relation with the offering and Laurentian Bank Securities Inc. will be part of the syndicate.

The net proceeds of the offering will be primarily used to fund commercialization, product development and working capital.

The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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's actual results, performance or achievements to be materially different from those expected or implied by any of Bioxel's statements. Actual events or results may differ materially. Bioxel disclaims any intention, and assumes no obligation, to update these forward looking statements.

ABOUT BIOXEL PHARMA

Bioxel 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. Bioxel sells cGMP paclitaxel and develops a portfolio of other generic taxane APIs 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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