Bioxel Pharma Inc.
TSX VENTURE : BIP

Bioxel Pharma Inc.

May 15, 2008 10:25 ET

Bioxel Pharma Obtains $1 M in Financing

SAINTE-FOY, QUEBEC--(Marketwire - May 15, 2008) - Bioxel Pharma Inc. (TSX VENTURE:BIP), a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, today announced it has obtained an Investissement Quebec guarantee for a specific credit facility of $1 million granted by its financial institution. This credit is to be allocated to the financing of the Corporation's export contracts subject to firm orders from its customers.

"This additional financial leverage bolsters the Corporation's working capital and will help us further increase our paclitaxel sales to major generic and innovative pharmaceutical firms in 2008. This financing also enhances Bioxel's capacity to meet customer demand in connection with the launch of docetaxel in 2008," indicated Louis McGuire, Vice-President, Finance and Chief Financial Officer of Bioxel Pharma.

This additional credit is subject to the Corporation's compliance with the usual financing-related conditions and obligations.

Forward-Looking Statements

This press release contains forward-looking statements comprising factors of risk and uncertainty likely to materially and/or adversely affect the Corporation's future results. Risks and uncertainties likely to affect Bioxel's development products include legislation, technological developments and the competition. The expectation of the objectives set forth herein is subject to such 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 degree of achievement of financial forecasts.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, focused on developing, manufacturing and marketing taxane active pharmaceutical ingredients and proprietary products for improved cancer therapy. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis and cardiovascular disease.

The TSX Venture Exchange accepts no responsibility for the adequacy or accuracy of this press release.

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