Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

July 19, 2005 10:04 ET

Bioxel Pharma Inc. Issues 3,337,227 Common Shares in Payment of Deferred Interests on its Outstanding Convertible Debentures

STE-FOY, QUEBEC--(CCNMatthews - July 19, 2005) - Bioxel Pharma Inc. (TSX VENTURE:BIP) a leading manufacturer and supplier of taxane API's and developer of targeted oncology drugs, announced today that it has issued an aggregate of 3,337,227 common shares in payment of $814 950 of deferred interest amounts accrued as of July 14, 2005 on its $1,500,000 principal amount outstanding convertible debentures, as per the terms of such debentures. As of July 15, 2005, the interest on such debentures will be payable in cash twice a year.

The debentures were 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 $1,000,000 were converted into common shares in 2004. Under this agreement, the holders have agreed to change the maturity date of their debentures, previously July 14, 2005, to coincide with the maturity date of the Investissement Quebec Biolevier note payable, i.e. no later than June 18, 2014.

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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