ARDANA STRENGTHENS SENIOR MANAGEMENT TEAM

Edinburgh, UK, 3 June 2004. Ardana Ltd, the emerging pharmaceutical company focused on reproductive health, today announces a number of appointments to its senior management team.

Mr Simon Best (founder and previously Chief Executive Officer) has been appointed as Chairman with Dr Maureen Lindsay promoted to Chief Executive Officer and Graham Lee appointed as Chief Financial Officer.

Dr Lindsay joined Ardana in January 2001, where she most recently held the position of Chief Operating Officer. One of Dr Lindsay's main tasks has been leading the operational team in developing and implementing an ambitious business development strategy including the in-licensing and commercialisation of Striant™SR, together with the acquisition of Teverelix and advancing other products through the pipeline. Dr Lindsay's promotion reflects the growing importance of sales and marketing for the Company.

Prior to joining Ardana, Dr Maureen Lindsay was President at Pharmacia Corporation in New Zealand. She has ten years pharmaceutical industry experience, including roles as Marketing Director, Community Products, Pharmacia & Upjohn UK and Medical Adviser, Pharmacia, UK. Dr Lindsay has direct experience of commercialising and promoting reproductive health products. Before joining the pharmaceutical industry Dr Lindsay spent nine years as a medical doctor in Obstetrics and Gynaecology.

As Chairman of the Board, Simon Best, will continue to work closely with the Ardana management team. Current Chairman, Ian Kent, will remain on the Board as a Non Executive Director. All these changes are with immediate effect.

Graham Lee joins the Company today as Chief Financial Officer. Graham has worked in the pharmaceutical sector since 1980 most recently as Director of Finance, Europe Middle East and Africa at Pharmacia Corporation and prior to that as Pharmacia's UK Finance Director. In this role he was responsible for the Group's finance, IT, legal and customer operations shared services, for negotiating licenses, product and business divestments and implementing the UK integration and restructuring following the mergers with Upjohn and Monsanto Searle in 1996 and 2000 respectively. Previously Graham spent sixteen years at US multinational Upjohn, latterly as UK Finance Director.

Simon Best, Chairman, commented:

"Ardana is at a key stage in its development, with our first product Striant™SR, launched in the UK and a broad pipeline of product candidates. These moves reflect the needs of the Company as it transitions into an integrated pharmaceutical company and will ensure that we are well positioned to become a global leader in reproductive health."

Dr Maureen Lindsay said:

"I am delighted to be taking on the role of CEO at such an exciting time in Ardana's development. We are in excellent shape, having completed a £29 million fundraising, and are looking forward to the commercialisation of our portfolio."

For more information please contact:

Simon Best, Ardana 44 (0)131 226 8550

Julia Phillips / Francetta Carr, Financial Dynamics 44 (0)20 7831 3113

Notes for Editors

Ardana Ltd is an emerging pharmaceutical company focused on reproductive health. It aims to become a leading source of clinical and commercial innovation in the $20 billion human reproductive health market, which is growing at 9% per annum. In addition to Striant™ SR, in development for primary or secondary hypogonadism, and Teverelix LA, in development for prostate cancer, endometriosis and benign prostate hyperplasia, Ardana has a rich development portfolio including Chronodyne® (terbutaline) which is in Phase I/II trials for endometriosis-related infertility (being developed in collaboration with Columbia Laboratories (AMEX COB)) and a reformulation of the GnRH analog 'Leuprorelin' which has completed Phase II trials for prostate cancer. Ardana's therapeutic interests encompass androgen replacement, prostatic disease, endometriosis and uterine fibroids, infertility, sexual dysfunction and obstetrics. www.ardana.co.uk

Ardana has raised £43.4 million in three funding rounds. Ardana investors include: Merlin Biosciences Limited, MVM Limited (MVM), Techno Venture Management (TVM), ABN-AMRO Capital, 3i Group plc, ISIS Equity Partners plc, Scottish Widows Investment Partnership Ltd, Saffron Hill Ventures, Mitsubishi Corporation, Green Highlander, LLC, DVC Deutsche Venture Capital, Albany Venture Managers Limited and 3i Bioscience Investment Trust. Ardana aims to become profitable and cash positive no later than 2007.

Ardana was created in July 2000 to commercialise research by the Medical Research Council (MRC)'s Human Reproductive Sciences Unit (HRSU) in Edinburgh, Scotland, which has been at the forefront of this area of research for the last 30 years. The MRC employs nearly 100 staff at the Unit, which currently receives total annual funding of £3.8 million.

The Medical Research Council (MRC), established in 1913, aims to improve health by promoting research into all areas of medical and related science. It is funded mainly by the government but is independent in its choice of which research to support. About half of the MRC's expenditure of approximately £430 million is invested in over 40 of its Institutes, Units and Centres. The remaining half goes in the form of grant support and training awards to individuals and teams in universities.

MRC Human Reproductive Sciences Unit (HRSU)

Research at the MRC Human Reproductive Sciences Unit is undertaken at a molecular, cellular and endocrine level to further understand the regulation of the human reproductive system, with particular attention to mechanisms that might be exploited for purposes of contraception or account for infertility, menstrual cycle abnormalities and disorders of pregnancy and foetal development. Immunological, hormonal and pharmacological approaches for the reversible regulation of human fertility are also under investigation. The Unit and the University of Edinburgh Department of Obstetrics and Gynecology combine to form the Centre for Reproductive Biology (CRB), a collaborative institution within the WHO Human Reproduction Programme and the Rockefeller Foundation Contraception 21 Initiative.

Statements contained within this press release may contain forward-looking comments which involve risks and uncertainties that may cause actual results to vary from those contained in the forward-looking statements. In some cases, you can identify such forward-looking statements by terminology such as 'may', 'will', 'could', 'forecasts', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'potential', or 'continue'. Predictions and forward-looking references in this press release are subject to the satisfactory progress of research which is, by nature, unpredictable. Forward projections reflect management's best estimates based on information available at the time of issue.

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