Arana Therapeutics Completes Second Project with CSL

* Arana completes successful engineering of a second CSL candidate antibody
* Final report triggers payment to Arana

SYDNEY, Australia, June 5, 2008 - Biotechnology company Arana Therapeutics Limited (ASX: AAH) today announced that it had successfully completed a second collaborative project with its pharmaceutical partner CSL Limited (CSL).

Provision of the final report triggers a payment to Arana from CSL under the terms of the collaboration agreement between the two companies. CSL will now confirm the results.

Arana utilised its Superhumanisation(tm) technology to successfully develop humanised versions of a lead antibody from the CSL pharmaceutical pipeline. The humanised products have been further optimised using Arana's EvoGene(tm) technology. Should CSL choose to develop one of these antibodies through clinical testing Arana will be eligible to earn milestone payments and will earn royalty payments on the sale of all marketed products.

Arana CEO, Dr John Chiplin, said "Successful engineering of another biopharmaceutical product for our partner CSL clearly demonstrates the quality of our technology platform, validates the Arana business model of creating revenues from our platform technologies and shows that we can consistently deliver results to our pharmaceutical partners. We look forward to improving additional products for our partners as we move the business forward".

This represents the third partnered product that has been successfully engineered to date. Completion of successful engineering of the first CSL product was announced in November 2007. In March 2007 Arana announced successful validation of its first project with another of its partners, international pharmaceutical company GlaxoSmithKline (GSK). A follow up announcement in August 2007 confirmed commencement of a second project with GSK, again on a lead product from the GSK pipeline.

Arana is employing its technology platform to develop valuable protein therapeutics both internally, as well as in further collaborations with Melbourne-based Vegenics Limited and through an alliance with US-based Aveo Pharmaceuticals. Aveo is using Arana's Superhumanisation(tm) technology for the internal development of several products.

About Arana Therapeutics:

Arana Therapeutics (ASX: AAH) is an international biopharmaceutical company formed through the merger of Peptech and EvoGenix in August 2007. The company uses superior technology to develop next generation drugs that will improve the lives of patients with inflammatory diseases and cancer.

Arana Therapeutics' innovative engineering technologies provide the basis for clinical development in the antibody space, a market which draws on high demand. Arana Therapeutics has the financial stability and management expertise to accelerate its clinical programs, and is on track to have at least 3 clinical stage assets within three years.

The pipeline consists of four lead drug programs: ART621 to treat severe rheumatoid arthritis and other inflammatory diseases; ART010 to treat osteoporosis and bone cancer; ART104 to treat solid tumours in colorectal cancer; and ART150 for lung cancer and melanoma. Additionally the company has earlier stage products in development for the treatment of a range of conditions including age related macular degeneration, psoriasis, colorectal cancer, and leukaemia.

Arana has recurring revenues from commercial and development partnerships with six international companies including GSK, CSL, Centocor (J&J) and Abbott Laboratories.

Posted: June 2008

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