Mitsui & Co. Global Investment (MGI) - Venture Capital, Start-Up

NEWS 2006

[02/15/2006]

Biolex Therapeutics Presents Results Highlighting Benefits Of Locteron(TM) At "Breakthroughs In Hepatitis" Session

Pittsboro, North Carolina, February 15, 2006 - Biolex Therapeutics announced today that its lead candidate Locteron was featured at the "Breakthroughs in Hepatitis" session at the BIO CEO & Investor Conference yesterday in New York. Mr. Jan Turek, President and CEO of Biolex, presented preclinical and clinical results at the session highlighting the best-in-class tolerability and convenience benefits of Locteron.

Locteron is a next-generation controlled-release form of alfa interferon for the treatment of hepatitis C being co-developed with OctoPlus. Mr. Turek also announced that the full results from a recently completed Phase 1 clinical study of Locteron will be presented at the 41st Annual Meeting of the European Association for the Study of Liver Disease (EASL) meeting April 26-30, 2006 in Vienna, Austria.

More than four million people in the United States, and more than 200 million people worldwide, are currently infected with hepatitis C. Recent forecasts suggest that total sales of therapeutics for the treatment of hepatitis C will exceed $10 billion in the year 2014, and that sales of interferon products will represent more than $5 billion of this total. The currently available pegylated alfa interferon products require administration once per week for up to 48 weeks and are associated with substantial side effects, particularly during the period following each administration.

Locteron combines BLX-883, a recombinant alfa interferon produced by Biolex in its patented LEX System?, with PolyActive?, an advanced controlled-release drug delivery technology developed by OctoPlus. In contrast to the currently available interferon products, preclinical studies demonstrated that Locteron has linear release characteristics after injection without the high peak plasma levels that have the potential to increase side effects and without the low trough plasma levels that may impair efficacy. Locteron is intended to be administered only once every two weeks as compared to the once-a-week administration of the currently licensed pegylated interferon products.

Locteron is an investigational therapeutic candidate and has not been approved for sale by the United States Food and Drug Administration or by any international regulatory agency.

About Biolex Therapeutics

Biolex Therapeutics is developing and commercializing therapeutic proteins based on the LEX SystemSM, its patented expression system that enables the production of hard-to-make proteins and the optimization of monoclonal antibodies.

The Company is developing a proprietary pipeline of products that rely upon known mechanisms of action to provide a reduced risk profile while targeting large, proven pharmaceutical markets. Biolex's lead clinical candidate, Locteron? is being developed as a best-in-class controlled-release interferon alfa for the treatment of hepatitis C.

The Company's second product candidate, BLX-155, is a direct-acting thrombolytic, designed to break up clots in certain diseases such as acute peripheral arterial disease, deep vein thrombosis and catheter occlusion. In addition, the unique capabilities of the LEX System have led to collaborations with Centocor, Medarex and other leading pharmaceutical/biotech companies.

Biolex is a venture capital-backed company located in the Research Triangle region of North Carolina, United States. For additional information, please visit Biolex's web site at http://www.biolex.com

http://www.biolex.com/

Contacts:

Media: Michelle Linn, Linnden Communications, 508-419-1555, linnmich@comcast.net
Investors: Dale Sander, Chief Financial Officer, 858-663-6993, dsander@biolex.com