Pharmexa provides update on company plans

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| Source: Affitech A/S
multilang-release
Summary: Pharmexa launches project prioritization, cost saving initiatives and
has retained HSBC as financial advisor in a process to explore strategic
alternatives for the company. 

At a board meeting today Pharmexa decided to launch a number of specific
initiatives to protect shareholder value and to the extent possible secure the
continuation of the positive developments in the company's key projects. This
is in line with the alternatives the company described in the prospectus dated
January 9, 2008. 

Project prioritizations
Pharmexa has undertaken a number of project prioritizations aimed at reducing
costs associated with research, development and administration. 

The company will focus on GV1001 and its universal influenza vaccine project.
Externally funded projects, including the Alzheimers project, a breast cancer
vaccine, the HIV program and a malaria project, will continue according to
plan. The company's project in bone diseases and an early stage cancer project
will be put on hold. A number of smaller technology projects will be stopped. 

Cost savings
These project prioritizations will enable the company to reduce the headcount
by 20%, corresponding to approximately 20 employees. Headcount reductions will
take place both in San Diego, USA and in Hørsholm, Denmark. Pharmexa A/S also
has advanced plans to move to a smaller facility in the research park in
Hørsholm, which will result in an approximate 40% reduction in the company's
building costs. The company expects to move by May this year. 

These initiatives significantly reduce Pharmexa's running costs but still
maintain most of the value in the company. 

Updated financial guidance
In connection with the cost savings, Pharmexa updates its expectations for the
2008 financial year: Based on the company's current activities, agreements
already entered into and grants already made, revenue, interest income and
other operating income in the 2008 financial year will total approximately DKK
35 million, as previously expected. Research and development costs are expected
to total DKK 165 against DKK 185 million previously expected, while
administrative expenses are expected to be approximately DKK 20 million,
against DKK 30 million previously expected. The net loss, including financial
income is expected to be approximately DKK 150 million, against DKK 180 million
previously expected. 

Pharmexa's forecast for 2008 are based on its revised level of activity and
assumes no new revenue generating agreements in 2008. Such new agreements or
material changes to Pharmexa's strategy may therefore have a material impact on
the company's forecasts for the 2008 financial year. 

Strategic alternatives
In parallel with the above mentioned cost saving initiatives, Pharmexa has
retained the international investment bank HSBC Bank Plc. as financial advisor
in a process to explore the company's strategic alternatives. 


Hørsholm, February 18, 2008



Ole Steen Andersen			Jakob Schmidt
Chairman of the board of directors		Chief Executive Officer



Additional information:
Jakob Schmidt, CEO, tel +45 4516 2525
Claude Mikkelsen, Vice President, Corporate Affairs and Communication, tel +45
4516 2525 or +45 4060 2558 


For the editors: Pharmexa A/S is a leading company in the field of active
immunotherapy and vaccines for the treatment of cancer and serious chronic and
infectious diseases. Pharmexa's proprietary technology platforms are broadly
applicable, allowing the company to address critical targets in cancer,
arthritis, bone degeneration and Alzheimer's disease, as well as infectious
diseases such as HIV, influenza, hepatitis and malaria. Company programs
include GV1001, a peptide vaccine that has entered Phase III trials in
pancreatic cancer and Phase II trials in liver cancer, and a number of HIV and
hepatitis vaccines in Phase I/II. Collaborative agreements include H. Lundbeck,
Innogenetics, IDM Pharma and Bavarian Nordic. With operations in Denmark,
Norway and USA, Pharmexa employs approximately 80 employees and is listed on
the OMX Nordic Stock Exchange Copenhagen under the trading symbol PHARMX.