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

NEWS 2006

[04/11/2006]

Biolex Therapeutics Announces Expansion Of Medarex Collaboration

Agreement Expanded to Include Three Medarex Monoclonal Antibodies

PITTSBORO, NORTH CAROLINA, APRIL 11, 2006 - Biolex Therapeutics today announced the expansion of its collaboration with Medarex, Inc., an antibody therapeutics company. The collaboration was initially formed in February of 2005 to create a ommercial line for an undisclosed Medarex monoclonal antibody using the Biolex LEX SystemSM. As a result of the successful achievement of the scientific goals for the first monoclonal antibody, the collaboration has been expanded to include commercial line creation for two additional Medarex antibodies.

"The fact that Biolex continues to build upon and expand collaborations formed with leading monoclonal antibody companies is proof of the value and benefits of producing these important proteins with the LEX System," said Jan Turek, President and CEO of Biolex. "We have enjoyed working with Medarex and are very pleased that they are happy with the successful results we have achieved to date with their first monoclonal antibody. We plan to continue building upon and forming similar agreements with other pharmaceutical and biotech companies, while advancing our own pipeline of therapeutic proteins."

Biolex will conduct commercial line creation projects using its proprietary LEX System for each of these two additional Medarex antibodies. At Medarex's option, it may elect to engage Biolex to scale-up and manufacture these proteins following the commercial line creation phase.

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