EMM Disclosure.

Business Editors

UK REGULATORY NEWS

LONDON--(BUSINESS WIRE)--June 24, 2003

FORM 38.5 (SUMMARY)

Lodge with Company Announcements Office and the Panel. Use a separate form for each class of securities in which dealings have been made.

CONNECTED EXEMPT MARKET-MAKERS: DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS 

Name of EMM: ABN AMRO EQUITIES (UK) Date of disclosure: 24 JUNE 2003 Contact name:

IRA HOLLIS Telephone number:

[phone]

Please see attached disclosure of dealings under Rule 38.5 in the securities of the following companies:

POWDERJECT PHARMACEUTICALS

If the attached Rule 38.5 disclosure is to amend a previous disclosure, please state which element(s) of previous disclosure was incorrect:

In the case of option business or dealings in derivatives full details should be given on a separate sheet so that the nature of the dealings can be fully understood. For options this include the number of securities under option, the exercise period (or in the case of exercise, the exercise date), the exercise price and any option money paid or received. For derivative this should include, at least, the number of reference securities to which they relate (when relevant), the maturity date (or if applicable the closing out date) and the reference price.

For full details of the disclosure requirements see Rules 8 and 38 of the Code. If in doubt contact the Monitoring Section of the Panel, Tel. No: 020 7638 0129

CONNECTED EXEMPT MARKET-MAKERS: DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS

Dealing in (name of company): POWDERJECT PHARMACEUTICALS Class of security:

GBP 0.10 Date of disclosure:

24 JUNE 2003 Date of dealing:

23 JUNE 2003 Name of EMM:

ABN AMRO EQUITIES (UK) Name of offeree/offeror with whom connected: POWDERJECT PHARMACEUTICALS Total number of securities purchased: 200,000 Highest price paid* 5.4600 GBP Lowest price paid* 5.4600 GBP Total number of securities sold: 200,000 Highest price received* 5.4655 GBP Lowest price received* 5.4655 GBP

Short Name: ABN AMRO BANK N.V.

Category Code: EMM

Sequence Number: XXXXXXXX

Time of Receipt (offset from UTC): 20030624T085205+0100