SERO Serologicals (MM)

Life Therapeutics (ASX:LFE) announced today that the company has retired the $6.8 million note held by Serologicals Corporation of Atlanta. The payment finalized Life Therapeutics' December 2003 purchase of the Therapeutic Plasma business from Serologicals. The business is now the Life Sera division of Life Therapeutics. Under the terms of the transaction, the debt was discounted to $6.0 million in return for early payment and a royalty-bearing, non-exclusive commercial license to the Gradiflow(TM) technology. The Gradiflow(TM) technology, invented and owned by Life Therapeutics, is a smaller and more cost-effective protein fractionator than those currently in general use. It employs breakthrough technology to separate blood plasma into its various components, simultaneously purifying the proteins that are later used in biological products. Life Therapeutics was formerly known as Gradipore Limited, Sydney, Australia. "This milestone allows us to finalize this significant purchase which has been such a turning point for us," said Dr. Hari Nair, Chief Executive Officer and Managing Director of Life Therapeutics. "Considering our long-standing relationship, we are very pleased that Serologicals will acquire the first commercial license of the Gradiflow(TM) technology." "We are very impressed with the Gradiflow(TM) technology and we plan to look for avenues in which it can help us. We were also pleased to achieve closure on the sale of our Therapeutic Plasma unit, now known as Life Therapeutics' Life Sera division," said David A. Dodd, President and CEO of Serologicals Corporation. "We wish them well." Serologicals Corporation (NASDAQ:SERO), headquartered in Atlanta, GA., is a global leader in developing and commercializing consumable biological products, enabling technologies and services in support of biological research, drug discovery, and the bioprocessing of life-enhancing products. Its customers include researchers at major life science companies and leading research institutions involved in key disciplines, such as neurology, oncology, hematology, immunology, cardiology, proteomics, infectious diseases, cell signaling and stem cell research. In addition, Serologicals is the world's leading provider of monoclonal antibodies for the blood-typing industry. Serologicals employs a total of more than 1,000 people worldwide in three Serologicals' companies: Chemicon International, headquartered in Temecula, CA, Upstate Group, LLC, headquartered in Charlottesville, VA. and Celliance Corporation, headquartered in Atlanta, GA Life Therapeutics is an international company with 444 employees, located in Australia and the United States with manufacturing operations in both countries and 13 plasma donor centers in eight American states. Life Therapeutics recently established its U.S. American Depositary Receipt (ADR) Level I program which enables trading in Life Therapeutics shares by U.S. based investors and is an important step toward the company's ultimate objective of achieving a full listing on NASDAQ stock exchange. The company's four divisions are all headquartered in Atlanta, Georgia and include: Life Sera, Life Gels, Life Diagnostics, and Life Manufacturing. Life Sera collects specialty plasma, including Anti-D and Hepatitis B from a donor base of more than 5,000 in thirteen U.S. collection centers. The plasma is then sold to blood fractionators who process it into hyperimmune therapeutic products. Life Gels offers pre-cast gels for use in biological research and diagnostic testing, including a variety of electrophoresis systems. It also offers ultra-sensitive and rapid stains, molecular weight markers, and specially formulated buffers. Life Diagnostics provides highly specific diagnostic tests for blood-clotting disorders and source plasma products for blood-borne diseases. Technologies include specialized blood coagulation tests to predict the risk of thrombosis and bleeding disorders. It also collects high-titer source plasma and serum used to make diagnostic kits. Life Manufacturing incorporates the Gradiflow(TM) technology with the manufacture of therapeutic and diagnostic products. Gradiflow(TM) is a patented process that simultaneously purifies proteins and removes all viral pathogens, and infectious prion proteins. For more information, visit our website at www.life-therapeutics.com.