Mimotopes and Genzyme Corporation join forces in a global Strategic Alliance Agreement

Date: January 26, 2006

PharmAust Limited (ASX:PAA)is pleased to announce that wholly owned subsidiary, Mimotopes Pty Ltd and Genzyme Pharmaceuticals, a business unit of Genzyme Corporation, have signed an exclusive and global Strategic Alliance Agreement to provide a total suite of peptide products and services to both companies significant customer bases.

The 12-month rolling term agreement which commences on February 1, 2006, will see Mimotopes join forces with Genzyme Pharmaceuticals, a business focused in the development and manufacture of peptide and lipid products and technologies to provide a full suite of products and services for research to therapeutic grade peptides. The alliance will offer customers of both companies an integrated "one-stop-shopping" opportunity from the laboratory to the clinic, by way of an exclusive referral agreement.  Mimotopes will supply customers with research grade peptides and related services up to the point of lead candidate identification in pre-clinical applications and Genzyme will supply customers with identified lead candidate peptides for pre-clinical applications through to clinical and therapeutic grade peptides and related services.

The Genzyme Pharmaceuticals/ Mimotopes co-branded peptide services will be made available to both companies’ customer bases, with Mimotopes range of research-grade and pre-clinical peptides available to Genzyme Pharmaceuticals' significant global customer base and distribution network. The alliances will also provide Genzyme's clinical customers access to Mimotopes expertise in the production of pre-clinical grade peptides, utilizing its proprietary technology and patented synthesis platform.

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