AVIDEX APPOINTS ULTRAFINE TO DEVELOP/MANUFACTURE RHUDEX.

Avidex Ltd., Oxford, UK, has appointed Ultrafine (UFC Ltd., Manchester, UK), to provide process development, scale-up and GMP manufacturing for Avidex' lead compound, the CD80 inhibitor, RhuDex.

RhuDex is Avidex' orally available small molecule drug, indicated for the treatment of rheumatoid arthritis (RA). RhuDex addresses the underlying disease-causing mechanism of RA; it acts in a very specific manner on a clearly defined target, CD80, and aims to avoid some of the side effects of current therapies.

Ultrafine will initially undertake process development and scale-up to produce sufficient quantities of RhuDex to enable Avidex to complete its pre-clinical studies. The next phase of the development program will involve manufacture by Ultrafine of RhuDex to GMP standard for clinical trials planned to start early in 2005.

James Noble, CEO of Avidex said, "We are continuing to make very good progress with the RhuDex program. Ultrafine impressed us with their abilities and experience in small molecule development and manufacture. We are therefore very pleased to announce that they will undertake this critical part of the RhuDex development and clinical program. With their assistance we expect to undertake the first clinical trial of RhuDex in 2005."

Mike Harris, Ultrafine's head of Business Development added, "Ultrafine are delighted to partner Avidex, a leading UK biotechnology company, in their work on this revolutionary new drug. Ultrafine have a highly experienced team and first class facilities that together provide the confidence and reassurance biotech needs.

About Ultrafine

Ultrafine is a privately owned company based in Manchester UK which was established in 1984 and provides chemistry services to pharmaceutical and biotechnology companies throughout the world. It has expertise in all aspects of research and development chemistry from drug discovery to the provision of materials for use in toxicology studies and clinical trials.

For more information, visit http://www.ultrafine.co.uk.

About Avidex

Avidex is a biotechnology company focussed on the development of therapeutics for cancer and autoimmune diseases. Through its knowledge and understanding of T cell receptors (TCRs), the company has developed novel proteins and small molecules. Avidex has a broad proprietary technology in monoclonal T cell receptors that are used therapeutically. In addition Avidex is progressing with optimisation of the CD80 antagonist, RhuDex for rheumatoid arthritis. Avidex is developing this product pipeline and its strategy is to take products through final developmental phases and to the market through corporate alliances. Avidex also commercializes its proprietary mTCR platform through final developmental phases and to the market through corporate alliances. Avidex also commercializes its proprietary mTCR platform through partnerships.

Avidex was formed in 1999 as a spin out from Oxford University. The company employs 52 staff and is based in Milton Park, near Oxford, UK.

For more information, visit http://www.avidex.com.