LifeSci Advisors, LLC, a leading provider of investment research and investor relations services in the life sciences sector, today announced that it has initiated coverage of ChemGenex Pharmaceuticals (ASX:CXS) (Pink Sheets:CXSPY), an oncology focused biopharmaceutical company developing small molecules with new mechanisms of action to treat malignancies with significant unmet medical needs.

“ChemGenex is in the enviable position of being poised for regulatory approval in the US and EU for its first drug candidate, OMAPRO for the treatment of multiple TKI resistant CML patients,” commented Andrew I. McDonald, Ph.D., Managing Director at LifeSci Advisors. “The efficacy and safety demonstrated for OMAPRO in pivotal studies will give hope to these patients, who have no approved alternative therapies. Given OMAPRO’s desirable attributes and the company’s recent agreement with FDA on regulatory strategy, we believe that approval is highly likely and that OMAPRO will become the treatment of choice in this population, which we estimate will be near a $400MM opportunity in 2012.”

LifeSci Advisors’ 37-page Initiation Report contains a detailed discussion of ChemGenex Pharmaceuticals’ lead drug candidate, OMAPRO, a first-in-class cetaxine with demonstrated single agent activity in a range of hematological malignancies. The report discusses competitive positioning and growth opportunities for OMAPRO. The third-line CML market opportunity has been growing at >30% annually and should reach over $400MM in 2012. OMAPRO is poised for approval with Orphan Drug designations in both the US and EU, which will allow for 7 and 10 years of market exclusivity respectively. Additional protection will be provided by their method of use patent, which is set to expire in 2023. The report highlights OMAPRO’s recent clinical achievements, regulatory history and strategy, upcoming expected milestones, relevant market dynamics, and risks.

Dr. McDonald’s full Initiation Report is available to download at no cost at the LifeSci Advisors website, www.lifesciadvisors.com. In addition to this Initiation Report, LifeSci Advisors will also provide ongoing coverage and event-based research updates on ChemGenex Pharmaceuticals as developments occur.

The LifeSci Advisors research team is led by Dr. Andrew I. McDonald, an industry veteran with more than 15 years of healthcare industry experience. Prior to co-founding LSA, Dr. McDonald was the Senior Biotechnology Analyst at Great Point Partners, a leading health care investment firm with over $500 million under management. Before Great Point, he was Co-head of Healthcare Research and Lead Biotechnology Analyst at ThinkEquity Partners, a boutique investment banking firm focused on growth companies. Dr. McDonald holds a Ph.D. in organic chemistry from the University of California, Irvine, and, earlier in his career, worked as a medicinal chemist at both Pfizer and Cytokinetics.

About ChemGenex Pharmaceuticals Limited:

ChemGenex is an oncology focused biopharmaceutical company developing small molecules with new mechanisms of action to treat malignancies with significant unmet medical needs. A New Drug Application has been accepted by the U.S. Food and Drug Administration and a Marketing Authorization Application has been validated by the European Medicines Agency for CML patients who have failed imatinib therapy and have the Bcr-Abl T315I mutation. ChemGenex has established a corporate alliance with Hospira to develop and commercialize omacetaxine in Europe, the Middle East and parts of Africa, and is seeking to establish commercial partnerships in the rest of the world. ChemGenex plans to commercialize omacetaxine itself in North America. ChemGenex trades on the Australian Stock Exchange under the symbol "CXS". Please visit www.chemgenex.com for more information.

About LifeSci Advisors:

LifeSci Advisors (LSA) is a leading research firm and communications consultancy dedicated to the life sciences industry. The firm provides strategic counsel, customized marketing communications, comprehensive research reports and investor relations services to companies that specialize in the discovery, development and commercialization of drugs, drug delivery systems, medical devices and diagnostics. To learn more about LSA, visit the company’s website, www.lifesciadvisors.com.

Important Disclosures:

The research report described in this press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell securities. The securities discussed in LSA research reports may be unsuitable for some investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider LSA reports as only a single factor in making their investment decisions and should not rely solely on these reports in evaluating whether or not to buy or sell the securities of the subject company. LifeSci Advisors has been compensated by the company that is the subject of the report described and future research reports, investor relations services, and general consulting services. Please read each report's full disclosures and analyst background on the LSA website, www.lifesciadvisors.com, before investing. LifeSci Advisors is not a registered investment adviser or broker-dealer.

Forward-looking statements:

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements represent LSA's judgment as of the date of this release. LifeSci Advisors disclaims, however, any intent or obligation to update these forward-looking statements.

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